Diesel subsidies, cheaper tolls to help Hong Kong transport sector as fuel costs soar
Short-term relief measures include diesel subsidies of HK$3 per litre, half-price tunnel tolls for non-private vehicles
The Hong Kong government has proposed short-term measures including diesel subsidies of HK$3 per litre and reduced tunnel tolls to ease pressure on the commercial transport sector, which is grappling with soaring fuel prices.
Confirming an earlier South China Morning Post report, 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 vessels, and ferries.
The government said the measures balanced 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.
Just days before the US-Israel strikes on Iran on February 28, Financial Secretary Paul Chan Mo-po had forecast the city’s gross domestic product would grow by 2.5 per cent to 3.5 per cent this year.
The cross-departmental task force led by the office met Chief Executive John Lee Ka-chiu in the morning to work out the measures.