TAIPEI (Taiwan News) — Premier Cho Jung-tai (卓榮泰) said Monday that Taiwan has finalized liquefied natural gas (LNG) shipping schedules for June through August and begun planning winter procurement to ensure a stable gas supply amid ongoing conflict in the Middle East.
Cho made the remarks while chairing a special Cabinet meeting on public welfare and economic stability amid tensions in the Middle East, per CNA. He said the government has conducted a comprehensive review of energy supplies, agricultural materials, plastic feedstocks, and other key commodities.
According to Cho, domestic supplies of energy and essential goods remain stable, while prices are gradually returning to normal levels. The government continues to implement price-stabilization measures, keeping gasoline and diesel prices among the lowest in neighboring Asian economies.
He noted that fuel prices will remain unchanged this week, from Monday to Sunday. State-run CPC Corporation and Formosa Petrochemical have also secured procurement plans and shipping schedules for crude oil and naphtha.
Cho said natural gas prices for industrial users will rise 5%, while rates for residential users, power generators, and LPG cylinder users will remain unchanged in June, CNA reported. He added that LNG shipping arrangements for June through August have been finalized, and winter procurement plans are already underway to safeguard supplies.
On agricultural materials, liquid ammonia prices rose 0.3% from the previous week, while rock phosphate and potassium chloride prices remained unchanged. Urea prices, meanwhile, fell 6.6%.
Cho said Taiwan's fertilizer price freeze has helped keep costs stable for farmers. Except for China, a major producer and exporter of urea, Taiwan's fertilizer prices remain the lowest among neighboring Asian countries.
Regarding petrochemical feedstocks, Cho said CPC's No. 3 naphtha cracker resumed operations after repairs were completed following an April 27 shutdown caused by a gas compressor malfunction, according to CNA. Output is gradually recovering, with ethylene production expected to reach 81,000 metric tons in June and propylene output projected to rise to 55,000 metric tons.
Cho said domestic prices are continuing to stabilize and that there should be no unreasonable price increases. He instructed the Ministry of Justice and the Fair Trade Commission to continue joint inspections to prevent unreasonable price hikes and maintain market stability.
