TAIPEI (Taiwan News) — The Cabinet is studying measures to stabilize prices, including diversifying oil and gas suppliers and purchasing wheat, corn, and soybeans earlier, reports said Saturday (Feb. 26).

Price stability and the prevention of shortages are two of the main considerations for the government during the current invasion of Ukraine by Russia, CNA reported. Preventing the war from having a negative impact on Taiwan’s economy was reportedly the main theme of a Friday (Feb. 25) meeting of senior ministry officials called by Vice Premier Shen Jong-chin (沈榮津).

The measures they recommended included the import of gas and oil products from a variety of suppliers, tax cuts, the early import of soybeans, wheat, and corn in order to prevent price rises, assistance from state steel group CSC Corporation Taiwan to keep steel prices stable, and close monitoring of international financial markets, according to CNA.

The Cabinet cooled down fears of rising oil prices as a result of the crisis, pointing out that state-run oil group CPC Corp. Taiwan has built up enough oil reserves for 145 days. Even though imports of liquid natural gas from Russia will cease in March, there is no fear of any shortage since CPC has diversified its sources, and no price rises for bottled gas are planned, officials said.