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Conflict in the Middle East has affected the supply of petrochemical raw materials and plastic products worldwide. In Taiwan, traditional markets and wet markets have been experiencing severe shortages of plastic bags. After a Cabinet meeting, new response measures have been announced. Let’s hear from Vice Premier Cheng Li-chiun.

Cheng Li-chiun
Vice Premier
The Ministry of Economic Affairs has established an industrial supply chain reporting and coordination platform, along with a dedicated hotline. If shortages or abnormal price fluctuations are found, please call the hotline. The price stabilization task force has set out four principles. First, increase upstream petrochemical raw material production. Second, prioritize supply to domestic manufacturers. Third, have midstream and downstream manufacturers both boost production and reallocate supplies. Fourth, investigate hoarding and price gouging. Yesterday, the premier inspected the restart of the No. 4 naphtha cracker. The monthly production capacity of ethylene will increase from over 60,000 tons to 79,000 tons in April. That can supply 340 million plastic bags with a size of 30cm by 30cm to downstream manufacturers. Priority will be given to domestic needs. Production capacity is expected to rise further to 90,000 tons in May.

Cheng said the government will use regional minimum pricing and special stabilization mechanisms to absorb rising oil costs. In April, prices for bottled liquefied petroleum gas and household natural gas will remain frozen. Transportation fares, including the Taiwan High Speed Rail, Taiwan Railway, MRT, buses, highway coaches, and domestic flights will also remain unchanged while conflict continues in the Middle East.

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#plastic #oil #gas #gasoline #prices #costofliving #middleeast


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