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.
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