Hong Kong: Competition Commission probes on oil prices

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

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