There is no data suggesting that fuel companies are quick to raise prices but slow to lower them, Chief Executive Donald Tsang said yesterday.

Elaborating on his policy address, the chief executive told legislators and in a radio phone-in program yesterday that there is no room for further reduction in diesel tax rate, but the government will enhance transparency of fuel price setting.

Transport sector legislator Miriam Lau urged the government to take tough actions on fuel companies, saying international fuel prices have dropped by 50 percent over the past three months but the retail price has only dropped by 10 percent.

The chief executive said fuel prices in Hong Kong are based on the export price in Singapore, and believed that the burden on Hong Kong users will be alleviated if the export price drops.

"We have reviewed the data and have not found any significant discrepancies between import and retail prices in Hong Kong. We hope to make such information public as soon as possible," he said.

The chief executive said in his policy address Wednesday that the government will facilitate public monitoring of fuel prices by enhancing transparency during the tendering of petrol stations.

Meanwhile, the Consumer Council said it will start regularly releasing data concerning fuel prices within the coming weeks.

The data will include prices offered by the five existing fuel companies, and their concessionary offers.

"We rely on the fuel companies to give us and verify the data. I hope they can cooperate with us," said Consumer Council chief executive Connie Lau.

She added they will consider releasing the data on the Internet.

(HK Edition 10/17/2008 page1)