Gasoline and diesel prices are to remain unchanged this week from tomorrow, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday amid the ongoing Middle East conflict and rising global oil prices.
The electricity rate next month would also remain unchanged after the Ministry of Economic Affairs rejected Taiwan Power Co’s (Taipower, 台電) initial plan to first freeze electricity rates next month before holding an extraordinary review in June.
The ministry’s rejection of the plan means the state-owned utility must absorb the risk of soaring fuel costs and wait for the electricity price review committee’s decision in the second half of the year on whether there would be any changes to the electricity rates
Photo: Lin Cheng-kun, Taipei Times
The CPC Corp, Taiwan said that rising concerns over crude oil supply disruptions due to Iran’s continued interference in the Strait of Hormuz have pushed up international oil prices.
According to the floating oil price adjustment mechanism and in line with the government’s expanded reduction of commodity taxes starting tomorrow, gasoline and diesel prices would otherwise have increased by NT$9.5 and NT$10.9 (US$0.3 and US$0.34) per liter respectively, it said.
However, to maintain the lowest regional prices and with diesel subject to an “emergency gradual increase” mechanism, domestic fuel prices are to remain frozen from tomorrow, it said.
Electricity prices in the past few years have been raised five times, and with stable oil and gas costs, Taipower earned a post-tax profit of NT$72.9 billion last year, sources said.
However, that still falls short of covering accumulated losses, which stood at NT$357.3 billion at the end of January, they said, adding that according to the electricity price formula, there should have been room for a rate reduction next month.
However, with tensions rising in the Middle East, and international oil and gas prices surging in the short term, Taipower internally acknowledged that “no one dares to oppose freezing the rates now,” they said.
Meanwhile, the ministry yesterday condemned what it called the spread of false rumors about natural gas shipments and an alleged energy shortage in Taiwan.
It said that all natural gas deliveries for this month and next month have been fully allocated, ensuring stable domestic gas and electricity supply, with no shortage issues as falsely reported.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
POSSIBILITIES EMERGE: With Taiwan’s victory and Japan’s narrow win over Australia, Taiwan now have a chance to advance if South Korea also beat the Aussies Taiwan has high hopes that the national baseball team would advance to the World Baseball Classic (WBC) quarter-finals after clinching a crucial 5-4 victory over South Korea in a nail-biting extra-inning game at the Tokyo Dome yesterday. Boosted by three home runs — two solo shots by Yu Chang (張育成) and Cheng Tsung-che (鄭宗哲) and a two-run homer by Stuart Fairchild — the triumph gave Taiwan a much-needed second victory in the five-team Pool C, where only the top two finishers would advance to the knockout stage in Miami, Florida. Entering extra innings with the game tied at four apiece, Taiwan scored
MISSION OF PEACE: The foreign minister urged Beijing to respect Taiwan’s existence as an independent nation, and work together to ensure peace and stability in the region Minister of Foreign Affairs Lin Chia-lung (林佳龍) yesterday rejected Chinese Minister of Foreign Affairs Wang Yi’s (王毅) comments about Taiwan, criticizing China as a “troublemaker” in the international community and a disruptor of cross-strait peace. Speaking at a news conference on the sidelines of the Chinese National People’s Congress, Wang said that Taiwan has always been a territory of China and that it would be impossible for it to become its own country. The “return” of Taiwan to China was the natural outcome of the Chinese people’s resistance against Japan in World War II, and that any pursuit of independence was “doomed
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
RSS