Translated by: MOS Fitness Team – Saturn

Recently, tensions along the border between Russia and Ukraine have led to a rise in international oil prices. Both sides of the Taiwan Strait have also been affected. As the Chinese New Year approaches, the governments on both sides of the Taiwan Strait have made their own strategies to cope with the situation.

Taiwan’s CNOOC said on January 30th, in order to maintain the price advantages and with the government’s policy of stabilizing prices during Chinese New years (to reduce stress on the people), CNOOC launched oil price stabilization measures. During the Spring Festival, oil prices will be handled according to the principle of “adjusting by reducing not raising”. Taiwan’s CNOOC said today that in order to stabilize, oil prices will absorb a premium of 0.7 NTD and 2.3 NTD for gasoline and diesel respectively. Starting from January 31st, 12:00 am, Taiwan’s gasoline and diesel will not be adjusted.

Compared with Taiwan government’s policy to stabilize oil prices and make the New Year easy for the people, the CCP’s Development and Reform Commission announced on the same day, that the prices of gasoline and diesel oil in Communist China were raised by 310 Yuan and 300 Yuan per ton respectively. The prices in the domestic refined oil market continued to rise mainly during the price adjustment cycle. The price increase has been the second refined oil price adjustment in 2022 for Communist China.

The CCP Development and Reform Commission hinted that the next price adjustment window will open at 12:00am on February 17th, 2022. According to the current situation, the next price adjustment will still show an upward trend, at around 90 Yuan per ton.

Chinese New Year is a family reunion festival for Chinese people. Looking at both sides of the strait, on one side the price of oil is suppressed to reduce stress for the people; on the other side, the price is raised by the CCP to take away the people’s money. The advantages of democracy and disadvantages of communism are clear in this situation.


Proofread / Edited by: Rica
Chief Editor: Rica, RD16
Posted by: Gordon

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