Taipei, March 11 -- Taiwan will not sharply increase its gasoline and natural gas prices despite surging global oil prices triggered by the ongoing Middle East conflict that began with American and Israeli attacks on Iran, Focus Taiwan reported, citing officials.

As per the news report, Premier Cho Jung-tai said the Cabinet has activated a "dual price-smoothing" mechanism since Monday to limit increases in the prices of gasoline and diesel fuel.

Under the normal fuel calculation formulas, gasoline and diesel would have gone up NT$5.4 (USD 0.17) per liter and NT$4.8 per liter, respectively, on Monday, but under the mechanism, the increases were limited to NT$1.5 and NT$1.1 per liter.

Vice Premier Cheng Li-chiun said Monday during a Cabi...