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Oil prices plummeted: Members approve to slow down the competition committee Hu Hongyu: urge the government to disclose data

2020-04-27T06:56:23.662Z


International oil prices continued to fall, and New York May oil futures fell to a negative number. However, the price of local auto fuel remained high. Taking ordinary gasoline as an example, after calculating the discount, each liter of gasoline ranges from 13.54 to 15.64 Hong Kong dollars, and the price is the best in the world. The Legislative Council Panel on Economic Development held a meeting today (27th). Cross-party lawmakers criticized Hong Kong's oil prices for "accelerated slowdown and collusion in pricing" and urged the authorities to submit relevant oil company information to the Competition Commission for investigation. Hu Hongyu, chairman of the competition committee, admitted that it was difficult to obtain relevant information from the oil company, which affected the research work and conclusions. Hu also described that Hong Kong oil companies and oil prices "have no free market and market failure" and called on the authorities to intervene in oil market prices through policies.


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Written by: Chen Jingqi

2020-04-27 14:43

Last update date: 2020-04-27 14:47

International oil prices continued to fall, and New York May oil futures fell to a negative number. However, the price of local auto fuel remained high. Taking ordinary gasoline as an example, after calculating the discount, each liter of gasoline ranges from 13.54 to 15.64 Hong Kong dollars, and the price is the best in the world. The Legislative Council Panel on Economic Development held a meeting today (27th). Cross-party lawmakers criticized Hong Kong's oil prices for "accelerated slowdown and collusion in pricing" and urged the authorities to submit relevant oil company information to the Competition Commission for investigation.

Hu Hongyu, chairman of the competition committee, admitted that it was difficult to obtain relevant information from the oil company, which affected the research work and conclusions. Hu also described that Hong Kong oil companies and oil prices "have no free market and market failure" and called on the authorities to intervene in oil market prices through policies.

Local auto fuel prices are high and top in the world. Taking ordinary gasoline as an example, after calculating the discount, each liter of gasoline ranges from 13.54 to 15.64 Hong Kong dollars. (Profile picture)

The Federation of Trade Unions Lu Songxiong said that oil prices have been "accelerating and slowing down" over the years, and asked whether the Commission's search for evidence is a "toothless tiger", and whether the authorities can give more power to fight against collusion pricing; Citizen Party Tan Wenhao It also refers to information that two oil companies had the same oil price on 9 days within 14 days, and the other two oil companies had a price difference of only 0.1 yuan within 10 days, describing the suspicion of "collusive pricing".

Hu Hongyu, chairman of the competition committee, responded that the current legislation does not request information and confine the research market, so it is difficult to obtain evidence when conducting research on gasoline prices and costs between 2012 and 2015. Hu also revealed that he had requested information from the oil company and received a response that "sensitive information cannot be used by you." During the research report, he once received a lawyer's letter from the oil company, requesting the oil company to give it to the oil company before issuing a report. Review and check. Hu believes that the government should make the relevant data publicly available in order to analyze the data and discuss it with the public. Therefore, the government is welcome to give the information and the Commission will be happy to investigate and sue the lawsuit when necessary.

Hu Hongyu, chairman of the competition committee, said that difficulties in obtaining relevant information from oil companies will affect research work and conclusions (data picture)

Hu Hongyu continued that the market currently sells RON98 and RON98 + gasoline, which is "zero choice, the most expensive and more expensive oil for consumers." He said in a report published in 2017, he had suggested that the government introduce RON95 gasoline, but the government Not accepted, described as Hong Kong oil companies and oil prices "no free market, it is Makeet Failure", urging the authorities to introduce a fair market to consider the public's need to purchase gasoline.

Xie Zhanhuan, deputy director of the Environment Bureau, said that local oil companies have reduced prices 11 times since January, with a cumulative reduction of 1.5 yuan per liter, and prices have also been reduced 8 times since March, so they are similar to other local price reductions. He explained that the imported refined oil sold in Hong Kong is different from crude oil, so it is similar to Singapore's situation. Its gasoline price has fallen by 1.35 yuan in recent months, and Hong Kong has fallen by 1.5 yuan. Therefore, there is no "accelerating slowdown" situation. It is "decreased quite quickly".

The Secretary for the Environment Huang Jinxing said that the authorities have urged oil companies to adjust prices according to the situation, and I believe that there is still room for downward adjustments in Hong Kong. (Profile picture)

Xie Zhanhuan continued to point out that the government has carefully studied the RON95 gasoline. However, the price of the RON95 and RON98 refineries is similar, and the difference is only 0.1 to 0.2 yuan. Therefore, the introduction of RON95 gasoline is very limited. At the same time, he pointed out that Hong Kong is overcrowded and the number of fuel tanks is small. If RON95 gasoline is introduced, there will be technical problems in the gas station, or a new oil depot will be required to hold it. Therefore, the reason for the small price difference and the increase in cost is not helpful.

Yi Zhiming, a member of the shipping and transportation industry, and Shao Jiahui, a member of the wholesale and retail industry, reprimanded that the current gasoline tax is 6.06 yuan per liter, and the gas station must pay a land rent of 76,000 yuan a day. It turns out that the government is carrying money ", which makes the public feel unfair.

The Secretary for the Environment, Huang Jinxing, reiterated many times that the authorities have urged oil companies to adjust prices according to the situation. However, the imported refined oil used in Hong Kong involves time lags. I believe there is still room for downward adjustment of Hong Kong oil prices. He also pointed out that Hong Kong's energy policy covers many aspects. In order to maintain a stable and safe oil supply, it must also take into account environmental protection and consumers' affordability of oil prices.

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Oil Price Environment Bureau

Source: hk1

All news articles on 2020-04-27

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