$13 Billion Allocation for Taiwan Energy Cost Support Amid Rising Oil Prices

Taiwan is allocating $13 billion to shield consumers from high energy costs due to rising crude oil prices. According to Reuters, this allocation will support state power generation company Taipower and refiner CPC.

The war in the Middle East has driven up oil and gas prices, affecting Asian nations more severely than others. Taiwan is particularly vulnerable, relying on overseas supplies for 94% to 97% of its consumption. The country's economy ministry notes that state-owned refiner CPC 'cannot absorb the difference between adjusted and non-adjusted oil and gas prices.'

Taiwan has already been subsidizing energy costs for consumers to prevent a spike in bills. The new allocation aims to offset the sharp cost inflation caused by the war in the Middle East.