Regarding the rising oil prices, the Minister of Economic Affairs Shih Yen-xian said that once it hits 120 US dollars per barrel, they will take necessary measures to stabilize domestic commodity prices, including absorbing part of the increase by subsidizing public transportation businesses.

Recently, daily commodities price have been going up, while international oil prices also went up, which heavily impacted the public's lives.

Minister of Economic Affairs Shih Yen Xian said that, after looking at the U.S. dollar exchange rate and the profit table of CPC, the Ministry has reached a decision that,

once the international oil prices reached $120 USD per barrel, related departments would kick off the plan to stabilize prices.

In addition, the Ministry is to discuss the possibilities with other government branches on the topic of petrol subsidies for the disadvantaged of different backgrounds to calm down the public.

Shih pointed out that, currently, the oil reserve in Taiwan is enough for 126 days, which is 90 days more than the required amount, thus the public should not worry too much.

CPC and Formosa Petroleum all signed long-term contract, and have enough supply. If, in the future, oil prices reaches $150 to $200 US dollars per barrel, the Ministry is going to have a third wave of action to control related oil products.

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