The Hong Kong government has proposed short-term measures including diesel subsidies of HK$3 per litre and reduced toll fees to ease pressures on the commercial transport sector, which is grappling with soaring oil prices.
Confirming an earlier South China Morning Post, the government said on Thursday night that a recently formed task force monitoring fuel price movements had floated four temporary measures prioritising diesel-powered commercial vehicles and ferries.
The government said the measures balanced the volatile fuel prices and its prudent fiscal approach to public funds.
“The impact of the situation in the Middle East on Hong Kong’s overall economy largely depends on whether the military conflict continues, expands or escalates,” the Financial Secretary’s Office said.
The cross-departmental task force led by the office met Chief Executive John Lee Ka-chiu earlier in the morning to work out the measures.
The aim of the two-month diesel subsidy of HK$3 per litre is to relieve pressure on industries heavily reliant on the fuel, such as franchised and non-franchised bus operations, ferries and fisheries.