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HK Govt to Subsidize Commercial Vehicle Diesel by HKD3/ Liter, Cut Tunnel Tolls for Non-Private Vehicles by 50% for 2 Mths
John Lee, Hong Kong's Chief Executive, was briefed by the Inter-departmental Task Force on Monitoring Fuel Supply, which was earlier established by the Hong Kong Government in ...
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HK Govt to Subsidize Commercial Vehicle Diesel by HKD3/ Liter, Cut Tunnel Tolls for Non-Private Vehicles by 50% for 2 Mths
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John Lee, Hong Kong's Chief Executive, was briefed by the Inter-departmental Task Force on Monitoring Fuel Supply, which was earlier established by the Hong Kong Government in response to the conflict in the Middle East region, on the fluctuations in international oil prices.

As the short-term trajectory of oil prices remains uncertain, the Task Force recommended implementing four targeted temporary measures: (1) subsidizing diesel prices to alleviate the impact of high oil prices on public services provided by relevant industries; (2) reducing tunnel tolls for non-private cars; (3) establishing a Working Group on Public Transport Service Special Applications to assist public transport operators in their applications relating to responding flexibly to rising fuel costs; and (4) dynamically monitoring the evolving situation and changes in oil prices, and adjusting measures according to actual circumstances.

Specifically, the Task Force suggested that the Government should provide a subsidy of HKD3 per liter of diesel for commercial vehicles (including trucks, franchised and non-franchised buses, and minibuses) and vessels (including ferries, passenger ships, work boats, and fishing vessels) that mainly run on diesel. This subsidy measure is estimated to cost around HKD1.8 billion.

The Task Force also recommended a 50% reduction in tunnel tolls for all commercial vehicles (including goods vehicles, buses, minibuses, and taxis) using government-operated toll tunnels, excluding private cars and motorcycles, for a period of two months. This measure is expected to result in a revenue reduction of around HKD160 million.

Lee has accepted the recommendations of the Task Force and has instructed the Task Force to implement the measures as soon as possible, while continuing to monitor developments and the latest situation.

The relevant subsidy measure requires the funding approval by the Finance Committee of the Legislative Council (LegCo). The Government will liaise with the LegCo with a view to scheduling a meeting under the Finance Committee as soon as possible so as to facilitate the early implementation of the concerned measure.

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