One of the biggest festivals in the whole of South East Asia is the Lunar New Year which is observed in countries such as China, Taiwan and others as well. Now, we know that the official New Year was observed just recently on January 1, 2020. However, the Lunar New Year falls approximately a month after that this year. As far as the Lunar New Year is concerned, we are aware that people shop a lot during this time of the year and have celebrations. For this reason, it is obvious that fuel consumption will also be increased.
So in order to not levy the price rise of global fuel prices on the citizens of Taiwan, the Taiwanese state-run CPC Corp has frozen the prices of fuel in Taiwan. This means that until the Lunar New Year, prices of fuel in the country will remain as they are today. Now, this is a welcome announcement from the CPC Corporation for the entire Taiwanese population because we know that the increase in fuel prices would disturb the entire expense cycle for people ahead of the festive Lunar New Year season.
Also revealed is that the freezing of price by the CPC Corp has been done under the government’s policy to minimize citizens’ expenses over the Lunar New Year holiday. As we mentioned earlier, the crude oil prices globally have been increased which means that the Taiwanese fuel prices should have been increased. And the CPC reveals that it had to increase NT$5 per litre on Taiwan’s fuel prices. However, it has decided to absorb the prices until Lunar New Year so as to relieve the burden on the country’s citizens. Apart from fuel prices, the Ministry of Economic Affairs also revealed that the prices of gasoline will also be frozen during Lunar New Year in Taiwan.