Hong Kong weighs petrol pricing disclosure rule in tenders as fuel costs surge

Hong Kong authorities are facing mounting pressure from lawmakers to roll out more measures to rein in surging fuel prices, including a requirement for firms to disclose pricing formulas when bidding for petrol stations – an idea the environment minister said could be considered.Secretary for Environment and Ecology Tse Chin-wan told the Legislative Council on Wednesday the government was open to reviewing the current tender policy for petrol station sites to bring down fuel prices, a proposal the government has rejected over the past decade.“Of course, any changes must be carefully weighed for their pros and cons,” Tse said. “But this is an area we can study further.”He stressed, however, that the Competition Commission had found no evidence of unfair competition or price manipulation in the fuel market.Tse was responding to lawmaker Ben Chan Han-pan, who urged the government to adopt the tender model used for liquefied petroleum gas (LPG) stations, with a “zero premium arrangement” alongside a requirement for suppliers to disclose their pricing adjustment formulas.Currently, petrol station sites are awarded to the bidder who offers the highest land premium.