Minister outlines fuel price objectivesSTABILITY MECHANISMS: Kung Ming-hsin said that oil supply sources are diversified across multiple countries, meaning that if some routes close, they could be redirectedBy Meryl Kao / Staff reporterThe government will prioritize price stability when considering electricity and fuel price adjustments amid volatile global energy markets, Minister of Economic Affairs Kung Ming-hsin (龔明鑫) said yesterday, ahead of a meeting of the electricity price review committee later this month. As of Wednesday, benchmark spot crude oil prices stood at about US$112.17 per barrel, while Brent crude oil traded at about US$93.07 per barrel, ministry data showed. Photo: Tu Chien-jung, Taipei TimesDomestic fuel prices would continue to follow the standard adjustment mechanism and state-run CPC Corp, Taiwan (中油) would absorb at least 60 percent of oil price increases to help stabilize consumer prices, Kung said. Anticipated fuel price adjustments next week are unlikely to exceed this week’s if crude prices remain at about the current level of US$90 per barrel, he said. In terms of supply sources, Taiwan’s LNG imports mainly come from Australia and the US, along with some Asian suppliers, he said.
