Hong Kong will roll out short-term subsidies and fee waivers to ease pressures on the transport sector grappling with oil price fluctuations, the South China Morning Post has learned.
A government insider said on Thursday the support was expected to be introduced as part of relief measures under a task force set to be established in response to the Middle East conflict and the global energy crisis.
The news followed a meeting among senior officials in the morning, during which they discussed strategies and possible measures to tackle the impact of the energy crisis on local industries, triggered by the US-Israeli war with Iran.
“The war has not ended despite the ceasefire announcement, and the oil price is still hovering around US$100 a barrel,” the insider said.
“Some relief measures for the transport sector, especially those relating to essential services in Hong Kong, are being considered.”
The details of the relief measures, set to be handed out in the form of subsidies and waivers, will be announced later in the day.
“The measures will last for a short period of time, having considered the prudent use of public money,” the source added.