Taiwan warns against hoarding oil products


Bloomberg

TAIPEI, Taiwan — Taiwan said gasoline stations and individuals anticipating price increases should refrain from hoarding fuels and warned of punishments for offenders. Filling stations shouldn’t use unapproved facilities to store oil products and ought to advise customers not to keep fuel at home, the Bureau of Energy said in a statement on its Web site. Errant gasoline stations may be fined as much as NT$500,000, the Taipei-based bureau said.

Consumers may buy more fuel than they need as the new government, which takes office May 20, plans to let state-run refiner CPC Corp. raise prices to reflect costs. Crude oil in New York has surged 28 percent this year.

“We’re reminding people not to break the law, though there haven’t been any reports of hoarding,” Wang Yunn-ming, deputy director general of the energy bureau, said by telephone yesterday.