Drivers face higher price for LPG
Oil company ExxonMobil will put up the price of liquefied petroleum gas (LPG) in Hong Kong from tomorrow.
The decision to raise local LPG prices follows similar increases in petrol prices in recent months amid the conflict in Iraq and uncertainties in the Middle East.
It also comes despite falling crude oil prices after the Organisation for Petroleum Exporting Countries, which represents the world's main oil-exporting countries, promised to step up oil production.
Drivers face a 10 cents rise in the price of a kilogram of LPG at ExxonMobil's Esso and Mobil petrol stations to $9.57.
Prices of LPG sold through central piped-in systems will be raised by 24 cents to $24.33 per cubic metre.
ExxonMobil said the LPG price increases were made 'in view of the market situation'.
A barrel of crude oil cost US$38 at the market close on Friday, down from US$42 earlier in the week. But this is still far from the US$30 to US$32 a barrel crude oil was trading at in January. ExxonMobil recently raised the price of petrol sold locally by 20 cents a litre.
Some airlines have introduced a surcharge of up to $200 to cover the extra fuel cost. Power companies and public bus operators have said they may need to pass on the extra costs to their customers if high prices persist.
