Taiwan to raise natural gas prices by 3% on average in March

Taipei, Feb. 28 (CNA) The price of natural gas in Taiwan will rise 3 percent on average in March in the wake of a hike in international liquefied natural gas (LNG) prices, state-owned oil supplier CPC Corp., Taiwan, announced Saturday.

After the latest price adjustments in March, CPC said, households around the country are expected to see their natural gas expenses rise by NT$5 (US$0.16) to NT$7 a month, but the price will remain below the state-owned oil firm's costs.

CPC said the latest natural gas price hike only partly reflects more expensive imports as the company continues to follow the government's directions to maintain consumer prices at a stable level by absorbing part of the increased costs.

The state company said international LNG prices have been rising sharply due to robust global demand caused by freezing temperatures in Europe, the United States and Northeast Asia.

In addition, the oil supplier said the more expensive international LNG prices are also a product of relatively low inventories in Europe, as European and Asian countries scramble to rebuild their inventories, pushing up LNG prices.