•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Due to the Middle East conflict, the average price of gasoline in Hong Kong rose to about $4.1 per liter, the highest in the world. Data from GlobalPetrolPrices as of March 30 put the territory’s average gasoline price at around HK$32 per liter (about $4.1).
Jason Kan, an independent trade consultant who owns a compact hatchback, said fuel costs are more than 15% higher than before the conflict, even with member discounts. “The 15% increase will certainly have a big impact, because fuel prices in Hong Kong were already high, taking up a relatively large share of residents’ incomes, especially compared with Taiwan and Japan,” he said.
Kan added that higher gasoline prices are prompting many people to travel to neighboring cities such as Shenzhen. Local media have reported more people are driving to Mainland China to refuel, where prices are only a fraction of Hong Kong’s.
Liu, a city delivery driver, said the price surge is making work less efficient: “Gas prices rise but wages don’t.”
Even before the Middle East conflict, Hong Kong had repeatedly recorded the world’s highest gas prices, according to experts. They cited import dependence, fuel taxes, and high land costs as key factors.
Expensive fuel, along with costly car registration and parking, contributes to Hong Kong’s low car ownership rate for a major city and developed economy. About 8.4% of the 7.5 million residents own a private car, according to the Transport Department.
Economists say higher gas prices could further fuel inflation and transport costs, ultimately affecting other sectors.
On April 1, Hong Kong’s government said it can maintain a stable energy supply by importing roughly 80% of petroleum products from Mainland China.
Fossil fuel prices are also pressuring electricity generation. About 25% of Hong Kong’s electricity consumption is imported from Guangdong Province. The remainder is produced locally, with 97% from coal and gas.
Ortis Fan, a Bloomberg Intelligence analyst in Hong Kong, expects electricity prices to rise in the summer. Michael Kadoorie, chairman of CLP, one of the city’s two electricity suppliers, told SCMP that the Middle East crisis is a “golden warning,” signaling that Hong Kong must rethink its electricity generation in the future.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
