The Government announced today (July 31) the adjusted ceiling prices of motor liquefied petroleum gas (LPG) for dedicated LPG filling stations for the period from August 1, 2003 to January 31, 2004. This is a six-monthly exercise according to the terms and conditions for the award of the contracts for dedicated stations.
A Government spokesman said that in this exercise, the ceiling prices would be upward adjusted by 13￠ to 14￠ per litre, and the new ceiling prices would range from $2.07 to $ 2.46 per litre. The ceiling prices are adjusted based on a specified pricing formula. The formula comprises two elements, namely LPG international price and LPG operating price. The LPG international price will be adjusted on the first day of both February and August every year by the average LPG international price in the preceding six months, viz. July to December and January to June respectively, while the LPG operating price will be adjusted on the first day of February every year according to movement in the Composite Consumer Price Index in the previous year.
The previous ceiling prices of $1.94 per litre to 2.32 per litre at the dedicated stations were adjusted on February 1, 2003 according to the average LPG international price from July to December 2002 and movement in the Composite Consumer Price Index in 2002. The present increase in the ceiling prices is due to the continual rise and high standing of the LPG international price in January to April this year. Although the LPG international price dropped in May and June, the six-month average LPG international price in January to June this year is still higher than that in July to December 2002.
He pointed out that the actual selling price of motor LPG at a dedicated station may be lower than the ceiling price, depending on the decision of the respective contractor based on market condition.
Below are the motor LPG ceiling prices for respective dedicated LPG filling stations effective from August 1, 2003 to January 31, 2004.
Location of Dedicated LPG Motor LPG
Filling Station Ceiling Price
(1/8/2003 to 31/1/2004)
Fung Yip Street, Chai Wan & HK$ 2.46/lit
Ngo Cheung Road, West Kowloon
Fung Mat Road, Sheung Wan; HK$ 2.17/lit
Wai Lok Street, Kwun Tong &
Yuen Chau Tsai, Tai Po
Sham Mong Road, Mei Foo & HK$ 2.22/lit
Yip Wong Road, Tuen Mun
Cheung Yip Street, Kowloon Bay & HK$ 2.21/lit
Kwai On Road, Kwai Chung
Marsh Road, Wan Chai HK$ 2.22/lit
Hang Yiu Street, Ma On Shan & HK$ 2.07/lit
Tak Yip Street, Yuen Long
He added that the next adjustment of the ceiling prices for dedicated LPG filling stations will be on February 1, 2004 again based on the pricing formula specified in each contract.
End/Thursday, July 31, 2003
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