Hong Kong announced here Friday a hike of 18 Hong Kong cents per liter to the auto liquefied petroleum gas (LPG) ceiling prices in June to reflect the movements of gas prices in the global markets.

The adjustment decision, announced by the Electrical and Mechanical Services Department, is made according to the terms and conditions of the contract of the dedicated LPG filling stations, a spokesman for the department said.

The spokesman said the adjusted auto LPG ceiling prices for dedicated LPG filling stations would range from 2.75 HK dollars (0. 35 U.S. dollar) to 3.12 HK dollars (0.4 U.S. dollar) per liter, representing an increase of about 0.18 HK dollars per liter.

"The adjustment in June reflected the movement of liquefied petroleum gas global prices in May," the spokesman said, adding the auto LPG ceiling prices are adjusted according to a specified pricing formula.

The spokesman said the formula comprises the LPG international price, which is the LPG international price of the preceding month, and operating price, which will be adjusted on the first day of February every year according to movement in the Composite Consumer Price Index in the previous year.

Source: Xinhua