TAIPEI (Taiwan News) – The Cabinet is considering measures to stabilize prices, including diversification of oil and gas suppliers and advance purchase of wheat, corn and soybeans, news reported Saturday (February 26th).
Price stability and preventing shortages were two of the main government considerations during the current Russian invasion of Ukraine, CNA reported. Preventing the war from having a negative impact on Taiwan’s economy was reportedly the main theme of a Friday (February 25) meeting of senior ministry officials convened by Vice Premier Shen Jong-chin (沈榮津).
The measures they recommended included the importation of gas and petroleum products from various suppliers, tax cuts, and the early importation of soybeans, wheat, and corn to prevent rising prices, the help from the state steel group CSC Corporation Taiwan to keep steel prices stable. , and close monitoring of international financial markets, according to CNA.
The Cabinet eased fears of higher oil prices in the wake of the crisis, noting that state-owned oil group CPC Corp. Taiwan had accumulated oil reserves lasting 145 days. Even if the import of liquefied natural gas (LNG) from Russia were to cease in March, no shortage was to be feared, since CPC had diversified its sources and no increase in bottled gas prices was expected, officials said.