Taipei, February 6 (CNA) Tariffs on corn, soybeans, wheat, butter, milk powder used for cooking, gasoline and diesel fuel will be reduced in the next three months , in a bid to stabilize consumer prices and ease the burden on the food and drink industry, the Cabinet announced on Sunday.

From Feb. 7 to April 30, business tax on imported corn, soybeans and wheat will be waived, Cabinet spokesperson Lo Ping-cheng (羅秉成) told reporters after a meeting on the issue chaired by the Premier. Minister Su Tseng-chang (蘇貞昌) was concluded.

The tax exemption will ease pressure on ranchers who use corn and soybeans as animal feed, edible oil manufacturers and companies that produce baked goods and noodles, Lo said.

During the same period, tariffs on butter and milk powder used for baking will be halved, Lo said.

Also during the three-month period, the consumption tax on gasoline and diesel fuel will be reduced by NT$1 and NT$0.5 per litre, respectively, to NT$4.83 and NT$2.49. NT$ per litre, Lo said.

The Cabinet had previously reduced consumption tax on the two products by NT$1 per liter in December.

The price of natural gas for households and the price of bottled liquefied petroleum gas will remain unchanged until the end of April. In addition, reductions in the consumption tax on cement, tariffs on wheat and tariffs on imported beef implemented in December will remain in place for an additional month until April 30, Lo said. .

In light of recent fluctuations in egg supply, Prime Minister Su has instructed the Board of Agriculture to roll out subsidies for egg farmers, Lo said.

The new measures are taken following a surge in corn, soybeans and wheat prices due to reduced global yields caused by climate change and supply chain disruptions linked to the pandemic, as well as an increase in crude oil prices internationally due to tight supply and tensions between Russia and Ukraine, Lo said.