【Iran Situation】John Lee: Government Monitors Price Fluctuations, Ensures Stable Energy Supply; Will Handle Price Fixing Conspiracies According to Law

The situation in the Middle East and Iran remains tense, causing a sharp rise in energy prices. Chief Executive John Lee attended the Executive Council meeting and stated that the Middle East situation has led to increased fuel prices and affected supply. The government is very concerned because fuel supply and prices impact daily life, including public transportation and air travel, and indirectly affect people’s livelihoods. The government must ensure stable energy supply and improve transparency of oil price information. They will monitor price fluctuations and review their reasonableness.

Enhancing Market Price Transparency

John Lee also said that the government has contacted suppliers to remind them of their social responsibilities and to ensure sufficient supply. Suppliers are required to maintain adequate inventories and prepare contingency plans for different scenarios to meet Hong Kong’s needs.

He added that the government has engaged with power companies, airlines, and fuel suppliers. To improve market price transparency, various government departments are closely monitoring market operations. If any violations of fair competition or collusion in pricing are found, the government will exercise its authority, including requesting data and even attending hearings. The Consumer Council has also called on different suppliers to consider citizens’ affordability and increase transparency.

Long-term Capital Inflows into Hong Kong

Additionally, the Environmental Protection Department will meet with vehicle fuel suppliers this week to request market data and increase transparency. The government will also crack down on fuel smuggling, with customs and fire services strengthening enforcement. The Transport and Logistics Bureau has also contacted local airlines, emphasizing that any fee adjustments must be reasonable and transparent.

John Lee stated that even if the Middle East situation remains unstable, Hong Kong is relatively safe, stable, and full of development opportunities. He believes that long-term capital inflows will continue, which will benefit Hong Kong’s financial center development, including family offices, risk management, and asset management. It will also positively promote the offshore RMB market.

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