Consumers could soon feel the pinch again, as state-owned Chinese Petroleum Corp (CPC) is expected to announce another hike in gasoline and natural gas prices today, a government official said yesterday.
"We are studying the price hike proposal from CPC ... we hope to implement the new rates by the end of this week," Vice Minister of Economic Affairs Steve Chen (
Minister of Economic Affairs Morgan Hwang (
CPC held a meeting yesterday morning to finalize the range and timing of the hikes, which require approval from the ministry.
The state-run oil refiner has raised gasoline prices twice this year; by NT$1 per liter in February, and by NT$2 per liter in April, meaning motorists and motorcyclists now pay 11.5 percent more for gas than they did last year.
But the price adjustments have not stemmed the company's losses. For the first half of the year, CPC saw a deficit of NT$19.6 billion, according to a company official. Reported earnings of NT$400 million last month were from overseas investments, he said.
As the benchmark West Texas Intermediate (WTI) crude oil contracts for delivery in August advanced to US$75.19 per barrel as of Wednesday, CPC needs to make a third price increase this year, Chen said yesterday.
The ministry would take into account the impact of a price hike on industries, consumer prices and the public when deciding the range of the hike, Chen said.
Even if the increase was approved, Taiwan's gasoline prices would still be the lowest among Southeast Asian countries, he added, without giving specific figures.
The ministry was also looking into measures to cushion the influence on the gas-guzzling transportation sector, such as taxi cabs, Chen said.
A price hike would certainly affect already high consumer prices, pumped up by electricity rate increases that went into effect this month.
The consumer price index (CPI) rose 1.73 percent last month from a year earlier, the fastest pace in five months, according to a report released by the statistics bureau on Wednesday. The government hopes to maintain CPI growth within 2 percent this year, but this target may be hard to achieve after the price hikes in gasoline and natural gas.
Further increases in gasoline prices, however, can be expected. CPC chairman
Pan Wenent (潘文炎), who took the helm of the company in April, said several
times that one of his missions is to push Taiwan's gasoline price policy to
conform with market mechanisms to enhance the company's competitiveness.
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