TAIPEI (Taiwan News) — The state-run CPC Corp., Taiwan announced Wednesday (Jan. 1) that the prices of petroleum and natural gas will not rise during the month of January.

Starting from Thursday (Jan. 2), all fuel prices are frozen until the end of the month. The major fuel supplier said that the decision to impose the price freezes was part of the Taiwanese government's policy to minimize citizens' expenses over the Lunar New Year holiday.

CPC said that according to international crude oil prices, there should be an NT$5 price increase for every additional liter of petroleum, but it has decided to absorb the price difference. However, the petrochemical company said that it is planning to make up its losses once the international fuel market becomes stable, reported Now News.

This will be the fourth straight month that the company has frozen fuel prices and covered the extra cost, according to CNA. In addition to the CPC's measure to stabilize petroleum and natural gas prices, the Ministry of Economic Affairs (MOEA) also promised that the price of gasoline would not increase during Lunar New Year.