Agency told to revamp floating fuel price mechanism

The Control Yuan has instructed the Ministry of Economic Affairs to revamp its floating fuel price mechanism as state-owned petroleum company, CPC Corp. Taiwan has overcharged consumers at least NT$7.5 billion (US$235.98 million) for gasoline and diesel prices since August 2008. The decision requires the ministry to rectify the existing floating pricing system within two months while CPC has been asked to return the excess charges to consumers. Cheng Jen-hung, a member of the nation’s highest watchdog agency to protect consumers by supervising the performance of government agencies and civil servants, said the Control Yuan does not oppose the adoption of a floating fuel pricing system by flexibly and regularly readjusting prices based on material costs. (January 21, 2010)