TAIPEI: A member of the Control Yuan, Taiwan's top watchdog agency, urged the "Ministry of Economic Affairs" (MOEA) yesterday to review and overhaul the floating oil policy, or face disciplinary action.

Control Yuan member Cheng Jen-hung proposed a motion yesterday to censure the MOEA for having condoned CPC Corp, Taiwan's bagging of excessive revenues of NT$7.5 billion ($234 million) from floating oil prices since August 2008.

Noting that CPC Taiwan's excessive revenues, mainly from the sale of unleaded gasoline and super diesel, were not reflective of the fluctuations in imported crude prices over the past 16 months, Cheng called for the MOEA to return the revenue to consumers within two months.

"Otherwise, we will move another motion to demand that the "economics minister" and heads of CPC Taiwan and the MOEA's Bureau of Energy be questioned by the Control Yuan," Cheng warned.

He said the MOEA should be censured because it had condoned a policy that benefited CPC Taiwan, rather than the general public.

Meanwhile, the opposition Democratic Progressive Party (DPP) demanded that the Kuomintang administration admit that its oil policy was misguided.

DPP spokesman Tsai Chi-chang said at a press conference that one of the roles of government-run and government-owned companies is to help stabilize commodity prices.

"It is meaningless for a government-run company to continue to operate or exist if it is following a free-wheeling pricing policy that does not reflect its role," Tsai argued.

China Daily/CNA

(HK Edition 01/22/2010 page2)