The Hong Kong Competition Commission will release a study on petrol prices and competition conditions of the auto fuel market in the next two months. This is do to many claims and complaints that oil firms may be operating like a cartel.
At a Legislative Council economic development panel meeting the commission revealed the timeline as legislators expressed concern that fuel prices “quickly go up, but are slow in coming down.”
Democratic Alliance for the Betterment and Progress of Hong Kong vice chairman Holden Chow Ho-ding said: “Fuel companies are always suspected to be involved in price-fixing activities. Does the commission have a timeline of the study of the auto fuel market in Hong Kong?”
Commission senior executive director Rasul Butt said: “The report will be released by the end of April or early May. It will not only cover petrol prices, but also cover the problems of market structure.
“For example, if we need to have more competitors to create better conditions for competition in order to lower price.”
Legislators were also told the commission has received more than 2,000 complaints and inquiries in the period from December 2015 – when the commission became fully operational – to last month.
Full Content: The Standard
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