The Macau government urged the special administrative region’s fuel suppliers Saturday to “immediately adjust” their prices in the wake of plunging international oil prices caused by the COVID-19 pandemic and after early this year, the world’s oil producing countries failed to agree on production cuts.
The statement released by the Macau Government Information Bureau (GCS) pointed out that crude oil prices fell from around US$67 in January to about US$25 per barrel on Thursday.
The statement noted that refined oil product prices have fallen to about US$40 per barrel.
Consequently, the statement said, Macau’s fuel suppliers should adjust their prices at once, based on Macau’s fuel price adjustment mechanism. The statement pointed out that under the mechanism, fuel prices in Macau can be raised or slashed.
According to the statement, Macau’s main fuel products are petrol, diesel and liquefied petroleum gas (LPG).
The statement pointed out that the government’s interdepartmental fuel supervision working group has maintained close communication with the sector.
According to the statement, the Economic Services Bureau (DSE) and Consumer Council are also urging the city’s fuel suppliers to keep pace with the international fuel market’s price movements.