ven though the number of oil companies doing business in Hong Kong has increased, the local auto-fuel pump price of all the various oil companies hasn’t changed much in many years. At the same time, while oil companies have provided many subsidies and discounts, consumers have not been able to enjoy the best price. The DAB conducted a study of how local oil prices compared with their counterparts on the world stage in the period lasting from April 2014 to March 2016, and we have come to the conclusion that we are extremely suspicious that oil companies within Hong Kong colluded on pricing to squeeze the regular consumer.
As the “Competition Ordinance” had been fully enacted as law since December 2015, we hope that the Competition Commission will thoroughly investigate potential cases of collusion between oil companies and other anti-competition activities as soon as possible. These activities include “quick raising of the price and slow lowering of the price”, “raise more lower less” and “colluding for the best price”. The Competition Commission should investigate this in order to protect the rights of the consumers.
Media Contact: DAB Spokesperson on Economic Development and Legislative Councillor Holden Chow (9466 4916)