The Hong Kong government is planning to establish a cross-departmental response team to dynamically monitor oil price fluctuations, according to a Ta Kung Pao report.
The move is intended to enable the rapid deployment of resources and measures to counter the impact of price volatility amid ongoing tensions in the Middle East.
The report said the government has assessed that launching long-term support measures could place a heavy burden on public finances, especially if oil prices were to fall back quickly after a spike.
Therefore, the proposed response team would allow the government to react swiftly to any significant price changes as they occur.
Following a two-week cease-fire agreement, international oil prices saw a significant drop. However, with the situation remaining highly uncertain, prices rebounded Thursday morning.
New York crude oil rose 3.9 percent to $98.11 per barrel, while Brent crude also increased by 3 percent to $97.63 per barrel.
