In a move to mitigate the effects of rising oil prices, the government yesterday presented a three-month fossil fuel subsidy for specific consumers and announced that it would expand subsidies if prices rose to US$130 per barrel or more.
The government set a benchmark of US$118 per barrel, or NT$30.4 per liter for diesel and NT$33.1 per liter for 95-octane unleaded gasoline, for the subsidy plan.
TAXI BREAKS
Starting on Sunday, taxi drivers will receive a subsidy for a price differential against the benchmark on 95-octane unleaded gasoline up to NT$3 per liter, with a maximum of 100 liters per week.
Operators of city buses, coaches and passenger ships serving outlying islands will be entitled to a subsidy on the price differential against the benchmark set for diesel fuel.
Public transit service providers for persons with physical disabilities will receive a subsidy of up to NT$5 per liter, with a maximum of 825 liters per month, if fuel prices surge beyond benchmark levels.
Highway cargo transporters and tour bus operators will be entitled to a 25 percent exemption on fuel costs, to be collected in June, resulting in losses of NT$137.5 million (US$ 4.792 million) in tax revenues.
The government will also offer various subsidies for fishermen and farmers on fuel for fishing vessels and agricultural machinery.
POSSIBLE EXTENSION
At a press conference after the Cabinet meeting where the proposal was approved, Vice Minister of Economic Affairs Lin Sheng-chung (林聖忠) said the government would review the possibility of extending the subsidy by another three months.
Starting in December, the government adopted a “gradual rise” price mechanism whereby state-owned CPC Corp, Taiwan, must absorb half of the increase in fuel prices, with consumers shouldering the other half.
“If oil prices approach US$130 per barrel, we will consider absorbing two-thirds of the price and consumers one-third,” Lin said.
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