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Written by: Zheng Cuibi
2020-04-24 09:23
Last update date: 2020-04-24 09:23International oil prices have continued to slump, plunging more than 80% since the beginning of this year. New York oil futures fell to minus 40 US dollars for the first time in history. International oil prices plummeted, but the retail price of local auto gasoline fell by only about 8% over the same period.
There are voices in the society that question the local oil companies ’collusion in pricing. Zhong Zhaowei, director of the City University ’s Energy and Environmental Policy Research Center, pointed out in a radio show that there is still room for downward adjustment of oil prices in Hong Kong. The purchase price of refined oil not only does not affect the current operation, but also allows the public to have data for evaluation. He also pointed out that oil is a strategic material and the government should strengthen supervision.
Hong Kong's oil price should be reduced by at least 12.5%
Zhong Zhaowei, director of the City University's Energy and Environmental Policy Research Center, pointed out that the fall of oil futures to a negative value should only be a speculative "accident", which does not reflect the facts. However, the price of crude oil has indeed fallen by half, and the price of oil in Hong Kong has not fallen by a corresponding amount. He believes that Hong Kong's oil price should also be reduced by at least 12.5%.
He said that in general, international crude oil will be shipped to Singapore for refining and then sold to Hong Kong, but the price of Hong Kong oil merchants buying oil from Singapore has not been known to the outside world for many years. He believes that it is difficult for society to doubt the conspiracy of oil companies to collaborate on pricing. If oil companies do not want to be wronged, they should disclose the price of the company ’s purchase of refined oil two or three years ago. This will not affect the current operation, but also allow the public to have data for reference. And evaluation, and as oil is a strategic material, the government should also strengthen supervision, such as forcing oil companies to disclose the above information.
Zhong Zhaowei continued that the price of local fuel oil after tax still includes land rent and operating costs. The percentage of land rent for Singapore ’s land is similar to that of Hong Kong. However, after tax, Hong Kong ’s oil price is 25% more expensive than Singapore. He questioned whether the price difference is all freight. . He also pointed out that oil companies use oil card discounts to require customers to disclose personal information.
Zhong Zhaowei believes that there is still room for downward adjustment of oil prices in Hong Kong. If oil companies do not want the outside world to suspect that they are conspiracy to set prices, they should disclose the prices of the oil products purchased by the company two or three years ago. (Profile picture)
Jiang Zhiwei, chairman of the Hong Kong Land and Passenger Transport Council, pointed out that for many years he has questioned the conspiracy of pricing by local oil companies. Recently, international oil prices have fallen, but local diesel and gasoline have only been reduced by about 5%. He also believes that oil is a strategic material. Regulation should be strengthened.
He also revealed that oil company monks provide additional concessions to large fleets. For example, the average car owner can receive a discount of 1.6 yuan per liter, but the driver of a large fleet can receive a discount of 3 yuan per liter. He also pointed out that the diesel was originally 13 yuan a liter, but when some of the fleet entered the oil, the oil company only charged 5 yuan per liter. He criticized the practice of depriving the weaker, and believed that transparency should be increased.
He continued by pointing out that business in the industry was greatly affected by the epidemic. Revenues fell by about 30 to 50% compared with the same period last year, while the car-out rate was only 60%. Cross-border drivers only started working three days a week, so the demand for oil also declined.
Jiang Zhiwei pointed out that as a strategic material, oil should strengthen regulation. (Profile picture)
Audience Mr. Leung questioned the conspiracy of pricing between the government and oil merchants. "Everyone with a discerning eye can see that the price of the oil company is the same!" And Mr. Li also believes that the rate at which oil companies have increased and reduced prices for many years has been "exposed tail".
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