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Price Stabilization Commission keeps oil prices frozen

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 (邱義仁), looks at measures to help keep the general level of local commodity prices constant.

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
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