Price freeze for LNG, propane in September approved
Aug 27, 2018GeneralComments Off on Price freeze for LNG, propane in September approved
Taipei, Minister of Economic Affairs Shen Jong-chin (???) has agreed to freeze the prices for liquid natural gas (LNG) and propane in September as part of government efforts to stabilize commodity prices following serious flooding in southern Taiwan.
According to Deputy Minister of Economic Affairs Tseng Wen-sheng (???), Shen issued the green light after a meeting of the price stabilization group under the Executive Yuan Monday to serve that end, particularly in light of the approaching Mid-Autumn Festival, that falls on Sept. 24.
CPC Corp., Taiwan said earlier in the day that it can absorb the price difference in the short term and make other adjustments if the ministry decides not to implement any increases in September.
As of Monday, the price of LNG was expected to increase by 2.99 percent, with propane rising by NT$2 (US$0.065) per kilogram, according to the CPC.
The price freeze idea came in the wake of widespread flooding in southern Taiwan that has caused agricultural losses of more than NT$500 million and has resulted in higher retail prices of fruit, vegetables, fish and meat at local markets.