“Fast hike, slow cut” phenomenon of petrol prices needed to be tackled

2020.04.27

DAB Legislative Councillor Holden CHOW criticized the Environment Bureau (EB) is being perceived by the public of providing excuses for the oil companies to set the prices they do within the Panel for Economic Development (the Panel). He said the EB has the responsibility but lacks proactive action to tackle “fast hike, slow cut” phenomenon of petrol prices. He demands the EB to cooperate with the Competition Commission (CC) by submitting basic cost of petrol and related information to the CC and investigate price fixing. Holden CHOW also urges the EB to proactively introduce RON 95 products to the retail market to promote market competition and create more options for consumers.

Legislative Councillor Elizabeth QUAT said that “fast hike, slow cut” phenomenon of petrol prices existed in Hong Kong for a long time that causes grievances among consumers. She received many complaints about paying the highest pump prices in the world despite international oil prices have declined to multi-year lows. Even thought she has passed the complaints to the CC, the CC always claims it is unable to handle after investigation, making people suspect whether the CC is truly working to serve the people of Hong Kong and cares about the adverse effects of high petrol prices on the quality of life. The government must no longer dodge the problem and quickly promote market competition to solve the problem of paying sky-high prices for petrol as soon as possible.

DAB Legislative Councilor Elizabeth Quat (9031 7995)、Holden Chow(3703 9870)

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