Hong Kong To Investigate Price Fixing Among Oil Suppliers
With the surging price of oil on the world market threatening to throttle Hong Kong’s nascent economic recovery, the SAR’s Financial Secretary Henry Tang has announced that investigations will be launched into alleged anti-competitive practices among local suppliers in the city.
"The oil prices oil companies are currently offering are extremely uniform," Tang told supporters yesterday, confirming the government “will take the initiative to investigate whether they are engaging in anti-competitive behaviour."
Light Crude Oil futures on Monday broke above the $55 mark in New York trading, raising fears that economies dependent on oil imports, such as Hong Kong, will no longer be able to absorb such historically high energy costs.
In a bid to attempt to persuade people to switch to low-sulphur diesel, Tang also announced a continuation of a tax break on the fuel until December 2005.
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