In just one day, Tai Sugar has revoked its announcement by restating that it will not raise the price of sugar and cooking oil. However, the company added that the cost will be subjected to the changes of international raw material market.

Originally the Tai Sugar Corporation is raising prices on cooking oil and small packs of sugar, but it held a press conference on Friday and said that the adjustment is not going to happen anymore.

Originally, small packs of sugar was going to go up to NT$39 from NT$36 and the 18 liter cooking oil is to be raised to NT$840 from NT$780.

At the press conference, TaiSugar pointed out that all those were just speculations, that it has not raised the price of sugar since September of last year, while the 18 liter cooking oil is now NT$20 cheaper.

Last year, local demand for sugar was only 24,000 tons, and there is currently no pressure to increase sugar prices.

However, facing the trend that international soybean and sugar prices are going up, Taisugar said that it would evaluate the situation before going with price adjustment.

Last years profit for Taisugar was NT$ 12.4 billion, with net profit at NT$ 9.1 billion, therefore, it can still sell sugar and cooking oil at the current price.

However, there is still pressure for local manufactures to raise prices, with the Ministry of Economics Industrial Development bureau holding a meeting on Friday afternoon with Bakery,

flour and related associations to convince them not to raise prices on their products.