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On Monday, the conflict in the Middle East sent international oil prices skyrocketing to almost US$120 per barrel. But the rate has since nosedived back to just over US$80 per barrel on Tuesday. Amid the big swings, the Executive Yuan has launched measures to keep prices stable in Taiwan. Let’s hear from Premier Cho Jung-tai.

Cho Jung-tai
Premier
In addition to the stabilization mechanism, we have activated emergency measures to reduce the impact of fluctuations in international oil prices on gasoline and diesel rates in Taiwan. Yesterday was the first time that such measures were used. The government is also absorbing part of the impact. That’s why the price of gasoline went up by NT$1.5 yesterday. We’ll keep observing the upward trend for the international price of crude oil, and activate the stabilization measures plus the program I just mentioned. The two will work in parallel so that the impact on people’s livelihoods is minimized.

Though fuel prices in Taiwan are going up, an American retailer is going against the trend with promotional offers at its gas stations. It’s selling 95-octane unleaded at NT$27.5 per liter, which is NT$3.4 cheaper than at CPC Corporation. For 98-octane unleaded, the difference is NT$2.9. What’s more, drivers who spend more than NT$1,000 can get a NT$250 shopping voucher to spend at the store. With such a tempting offer, many motorists were lining up on Tuesday to top up their tank for less.

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#oil #fuel #costofliving #crude #gasstation

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