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Hong Kong: Competition watchdog eyes oil prices

By  |  February 16, 2015

The city’s competition watchdog will focus on issues of oil price and building maintenance as it gears up for full enforcement of the Competition Ordinance before the end of the year.

The Competition Commission, will be conducting studies on the two areas to get a deeper understanding of the markets, commission CEO Dr Stanley Wong said on Monday.

The Consumer Council released a report earlier this month, criticising petrol suppliers for being quick to raise prices but slow to cut them amid sharp declines in the price of Brent crude oil.

The Competition Commission said it would conduct its own study before forming an opinion. “If we spotted any infringement our operations unit would act on it”, Wong said.

Wong said the commission was finalising a set of guidelines, which would be ready next month, to inform businesses on how to interpret the ordinance.

Full Content: South China Morning Post

 

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