The Price Stabilization Commission yesterday said it would continue freezing local oil prices with the expectation that international oil prices will go down this year, Executive Yuan Spokesman Shieh Jhy-wey (謝志偉) said yesterday.
Amid surging commodity prices caused by recent world oil price hikes, the commission, which temporarily suspended operations in November, resumed work yesterday.
"After an overall assessment, we expect that international oil prices will gradually retreat from the current high of US$100 a barrel to less than US$80 a barrel as supply could exceed demand this year," Shieh told reporters after the meeting.
The task force, led by Vice Premier Chiou I-jen (
Shieh said the commission would convene every Wednesday to monitor price changes.
The government has frozen pump prices after fuel prices sent consumer prices soaring.
Meanwhile, the Ministry of Economic Affairs and the Fair Trade Commission were instructed by Chiou to set up a system whereby people could report businesses that illegally hoard commodities for market speculation, Shieh said.
A proposal by the ministry that will prohibit the export of locally produced steel reinforcement bars and billets for a period of three months was approved yesterday.
Shieh said the ban is expected to buffer the impact of rising steel prices on local manufacturers.
Also see: Private oil supplier mulls
Former president Ma Ying-jeou’s (馬英九) mention of Taiwan’s official name during a meeting with Chinese President Xi Jinping (習近平) on Wednesday was likely a deliberate political play, academics said. “As I see it, it was intentional,” National Chengchi University Graduate Institute of East Asian Studies professor Wang Hsin-hsien (王信賢) said of Ma’s initial use of the “Republic of China” (ROC) to refer to the wider concept of “the Chinese nation.” Ma quickly corrected himself, and his office later described his use of the two similar-sounding yet politically distinct terms as “purely a gaffe.” Given Ma was reading from a script, the supposed slipup
Former Czech Republic-based Taiwanese researcher Cheng Yu-chin (鄭宇欽) has been sentenced to seven years in prison on espionage-related charges, China’s Ministry of State Security announced yesterday. China said Cheng was a spy for Taiwan who “masqueraded as a professor” and that he was previously an assistant to former Cabinet secretary-general Cho Jung-tai (卓榮泰). President-elect William Lai (賴清德) on Wednesday last week announced Cho would be his premier when Lai is inaugurated next month. Today is China’s “National Security Education Day.” The Chinese ministry yesterday released a video online showing arrests over the past 10 years of people alleged to be
THE HAWAII FACTOR: While a 1965 opinion said an attack on Hawaii would not trigger Article 5, the text of the treaty suggests the state is covered, the report says NATO could be drawn into a conflict in the Taiwan Strait if Chinese forces attacked the US mainland or Hawaii, a NATO Defense College report published on Monday says. The report, written by James Lee, an assistant research fellow at Academia Sinica’s Institute of European and American Studies, states that under certain conditions a Taiwan contingency could trigger Article 5 of NATO, under which an attack against any member of the alliance is considered an attack against all members, necessitating a response. Article 6 of the North Atlantic Treaty specifies that an armed attack in the territory of any member in Europe,
The bodies of two individuals were recovered and three additional bodies were discovered on the Shakadang Trail (砂卡礑) in Taroko National Park, eight days after the devastating earthquake in Hualien County, search-and-rescue personnel said. The rescuers reported that they retrieved the bodies of a man and a girl, suspected to be the father and daughter from the Yu (游) family, 500m from the entrance of the trail on Wednesday. The rescue team added that despite the discovery of the two bodies on Friday last week, they had been unable to retrieve them until Wednesday due to the heavy equipment needed to lift