Chief Executive John Lee said this morning (April 21), before the Executive Council meeting, that the situation in the Middle East remains highly uncertain, with one major unknown being the unpredictable duration of the conflict. He noted that the government has long been monitoring developments through a cross-departmental task force overseeing crude oil supply, and rolled out measures several weeks ago to assist public sectors in the greatest need of support.
Lee stressed that there should be no illusions about oil price fluctuations. Although prices have fallen from their peak, they remain higher than pre-war levels, and the government must continue to closely monitor the situation. He stated that in considering any relief measures, the government would adhere to the following principles, which he believes remain applicable: if an industry already has a government approval mechanism for pricing, that mechanism should handle the matter; any measures must be temporary and time-bound to ensure they do not affect public finances; and the government will closely review the situation and dynamically adjust measures as needed.
Lee expressed hope of reaching an agreement with oil companies as soon as possible, aiming to introduce a HK$3 per litre diesel subsidy before the end of this month. Additionally, he hopes to implement a 50% toll reduction for commercial vehicles by May. The government will continue to closely monitor developments and respond in a timely manner.
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