Is oil crisis just the start of economic pain for Hongkongers?

Hong Kong bus company boss Martin Lau feels overwhelmed as he attempts every option possible to minimise mounting losses wrought by runaway fuel prices.He has done everything he can think of, from trying to reduce services to doing his own repairs on his fleet of more than 20 coaches.Lau, managing director of ABC Touring Car Company, told the South China Morning Post that he and his team had no choice for now but to absorb the losses as there was no help he could access.“The reality is cruel, if oil prices keep rising and the government does nothing and bans us from cutting service frequencies, I don’t know how long we can hang on,” Lau said.ABC, which runs non-franchised bus services linking Tuen Mun with Hong Kong Island and Kowloon, is not the only company reeling from the sharp rise in global oil prices since the US and Israel attacked Iran on February 28.Hong Kong, which relies entirely on fuel imports, is vulnerable to external shocks such as the Middle East war, with the conflict dealing a severe blow to sectors ranging from transport, logistics and fishing to laundry services and food and drinks.The crisis is already unleashing a wave of unintended consequences in Hong Kong, from transport operators hurt by inflexible government red tape to threats for low-margin industries like the commercial laundry sector and construction subcontracting.