Surcharges considered as Hong Kong fuel prices set to rise amid Iran war
Sector representative says surcharges ‘a reluctant step’, adding many drivers have fixed daily commitments that must be met
Hong Kong’s transport sector is considering a temporary fuel surcharge for deliveries as pump prices are expected to climb further this week, industry representatives have said, with the war in the Middle East – now in its 10th day – showing no signs of easing.
Ringo Lee Yiu-pui, governor and honorary life president of the Hong Kong, China Automobile Association, said on Monday that fuel prices in the city had been climbing even though petrol retailers were still selling inventories bought before the US-Israeli strikes on Iran, which drove up international oil prices.
The price could rise further by midweek as petrol companies placed new orders, he added.
“Since the oil price increase is global, local fuel prices will more or less follow suit and rise immediately as retailers place new supply orders by midweek,” he told a radio programme.
“Even if oil prices ease slightly as production increases in the future, any drop in local pump prices is likely to be slow.”
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Airlines in Hong Kong raise fuel surcharges amid Iran war
He added that oil companies in Hong Kong tended to raise prices quickly but reduce them slowly.