HK to raise LPG ceiling prices

The ceiling prices of Liquefied Petroleum Gas (LPG) for automobile in Hong Kong will rise 64 cents per liter in March, the Electrical and Mechanical Services Department of Hong Kong announced on Saturday.

It explained that the move is the first adjustment to reflect the change of LPG international price in February, adding the newly adjusted prices will range from 3.41 HK dollars to 3.79 HK dollars per liter.

The pricing formula comprises two elements, namely LPG international price and operating price, the department noted.

The international price will be adjusted according to movement in the LPG international price in the previous month.

The operating price will be adjusted on the first day of February every year according to the movement in the Composite Consumer Price Index in the previous year.

Source: Xinhua