CPC keeps residential, industrial gas prices steady; utility rates to drop

Taipei, June 30 (CNA) State-run CPC Corp., Taiwan said Tuesday that natural gas prices for residential and industrial users will remain unchanged in July, while gas prices for utility users will decrease 4.72 percent to reflect lower import costs.

CPC announced a freeze on natural gas rates charged to residential, commercial, service and industrial users, to support the government's price stabilization measures, with the company covering the additional costs to mitigate the financial burden faced by the public.

The oil and gas company said it has absorbed a cumulative NT$140 billion (US$4.40 billion) in costs for industrial users since March.

For utility users, the price of natural gas will be reduced by 4.72 percent in July, CPC said.

The company noted that although international oil and gas prices have declined following a cooling of Middle East tensions, the outlook for U.S.-Iran negotiations remains uncertain.

Meanwhile, Taiwan Power Co. noted on Tuesday that despite a 4.72 percent price cut for July, the 50.9 percent hike in natural gas rates during April and May will still add approximately NT$11 billion to its monthly fuel expenditure.