Watchdog meets oil companies as Hong Kong petrol prices exceed $30 per liter

The Competition Commission on Friday met with representatives of major oil companies in Hong Kong, urging them to improve transparency in vehicle fuel pricing and related discounts amid rising global oil prices.

Tensions in the Middle East have driven a surge in international oil prices, contributing to volatility in Hong Kong’s local fuel market. Retail pump prices for petrol at all five major oil companies in the city have now climbed above HK$30 per liter.

In response to the price movements, the Competition Commission held a meeting with representatives from major fuel suppliers, including Caltex, Esso, PetroChina and Sinopec, to better understand recent developments in local fuel prices.

The commission said it also reminded industry representatives to strictly comply with the Competition Ordinance in order to maintain fair competition in the city’s vehicle fuel market.

During the meeting, the watchdog called on oil companies to enhance the transparency of petrol prices and related promotional offers, including discounts, so that motorists and consumers can better understand the pricing structure and make more informed choices.

The commission said clearer information on pricing and promotions would help consumers keep track of fuel costs and improve overall market transparency.

The Competition Commission continues to monitor developments in the fuel market and emphasized the importance of ensuring a competitive environment for consumers in Hong Kong.