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Ceiling Prices of Motor LPG at Dedicated LPG Filling Stations

The Government announced today (January 31) the new ceiling prices of motor liquefied petroleum gas (LPG) for dedicated LPG filling stations for the period from February 1 to July 31, 2002.

A Government spokesman said the new ceiling prices, ranging from $1.85 per litre to $2.15 per litre, is adjusted based on a specified pricing formula. This compares with the previous ceiling prices of $2.01 per litre to $2.17 per litre at the dedicated stations.

He pointed out that the actual selling price of motor LPG at a dedicated station can be cheaper depending on the decision of the respective contractor but it cannot exceed the upper ceiling price set by the pricing formula.

The adjustment of the ceiling price is based on a pricing formula specified in each contract. The formula comprises two elements, LPG international price element and LPG operating price element. The first element will be adjusted twice a year by the average LPG international price in the preceding six months while the second element will be adjusted yearly according to movement in the Composite Consumer Price Index in the previous year.

Below are the motor LPG ceiling prices for dedicated LPG filling stations effective from February 1, 2002 to July 31, 2002.

  
  Location of Dedicated                       Motor LPG
  LPG Filling Station                         Ceiling Price
  (1/2/2002 to 31/7/2002)
  
  Fung Yip Street, Chai Wan & 
  Ngo Cheung Road, West Kowloon              HK$2.15/lit
  
  Fung Mat Road, Sheung Wan;
  Wai Lok Street, Kwun Tong & 
  Yuen Chau Tsai, Tai Po                      HK$1.85/lit
  
  Sham Mong Road, Mei Foo & 
  Yip Wong Road, Tuen Mun                     HK$1.91/lit
  
  Cheung Yip Street, Kowloon Bay &
  Kwai On Road, Kwai Chung                    HK$1.89/lit

He added that a total of nine dedicated stations are now in operation, including the first batch of stations at Chai Wan, West Kowloon, Sheung Wan, Kwun Tong and Tai Po and the second batch at Kowloon Bay, Kwai Chung, Mei Foo and Tuen Mun. The third batch of three dedicated LPG filling stations located in Wan Chai, Yuen Long and Ma On Shan will be completed by around the middle of this year.

End/Thursday, January 31, 2002

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