Govt to control fuel prices dynamically, saying not to ‘hold illusions’ about fuel price fluctuations

As the situation in the Middle East is affecting global fuel supply, Chief Executive John Lee Ka-chiu said the government has introduced measures to support affected industries against the uncertainty. However, the government dares not hold any illusions about fuel price fluctuations.

"Fuel prices have indeed fallen from their peak, and are still higher than before the war," he said, emphasizing the need for continuous monitoring and dynamic adjustments to measures.

The government earlier announced short-term targeted measures that last for two months to address rising fuel prices, including reducing tunnel tolls by 50 percent for all commercial vehicles and a two-month subsidy of HK$3 per liter of diesel to support commercial vehicles and vessels.

Lee said that if a price approval mechanism already exists for a particular industry, it should be handled through that mechanism. He added that any measures must be temporary and time-limited to ensure they do not pose a risk to public finances, and the government will closely monitor and adjust these measures.