Taipei: The price of natural gas in Taiwan will rise by 3 percent on average in March due to a hike in international liquefied natural gas (LNG) prices, state-owned oil supplier CPC Corp., Taiwan, announced on Saturday. This adjustment means households across the country may see their natural gas expenses increase by NT$5 (US$0.16) to NT$7 monthly, although the price will remain below the company’s costs.

According to Focus Taiwan, CPC Corp. stated that the latest price hike only partially reflects the more expensive imports. The company is following government directions to keep consumer prices stable by absorbing some of the increased costs. The rise in international LNG prices is attributed to robust global demand due to freezing temperatures in Europe, the United States, and Northeast Asia.

Additionally, CPC Corp. indicated that more expensive international LNG prices are also a result of relatively low inventories in Europe. European and Asian countries are working to rebuild their inventories, which has contributed to the increase in LNG prices.