The Competition Commission has begun looking into the setting of oil prices, says chairwoman Anna Wu Hung-yuk.
Wu was responding to lawmakers’ questions about price collusion at the Legislative Council’s panel on economic development.
Wu said the situation of collective fluctuations in oil prices is not unique to Hong Kong and there are examples of competition committees elsewhere suing oil companies.
In February, the Consumer Council released a report, following two years of study, condemning local oil companies for being quick to raise prices but slow to reduce them in line with fluctuations in international crude prices.
The regulator made clear at the time that it will be referring the case to the commission for further study to see if there are any price-fixing practices, or even a monopoly, in the local fuel industry.
Now the commission is reviewing the public information relating to oil prices in Hong Kong, said Wu. She hopes there could be increased transparency.
Full Content: South China Morning Post
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI