TAIPEI (Taiwan News) — Taiwan’s gas prices may jump three times in a row next week as Russia’s invasion of Ukraine has created instability and sent global oil prices skyrocketing.

Taiwan’s Minister of Economic Affairs Wang Mei-hua (王美花) told the Legislative Yuan on Friday (Feb. 25) that Taiwan has a special price stabilization mechanism, managed by the state-owned China Petroleum Company (CPC), per a UDN report. The current gas prices in Taiwan are NT$31.7 (US$1.14) per liter, she said, and if it increases to NT$32.5, CPC will absorb 50% of the cost hike.

If it reaches NT$35, CPC will absorb half the cost, she added, and that above NT$35, CPC will absorb 75% of the price increase. Authorities are paying close attention to price factors, she insisted.

Asked whether there were any mechanisms to maintain the stock market or stop rising inflation caused by the war in Ukraine, Wang said fluctuations are inevitable and that Taiwan will respond in a timely manner. Compared with other countries, Taiwan's prices are relatively stable, she added, and the government is working closely with firms upstream and downstream throughout the supply chains to ensure stability.