Lionel Leong: Licensing system for importers of petroleum products help understand price

Secretary for Economy and Finance Lionel Leong Vai Tac said yesterday that the licensing system for importers of petroleum products will help the government obtain more information on the prices of fuel and gas products so that it can analyze whether the prices of these products will have a negative impact on society.
The Secretary said that the importers of petroleum products will have to submit invoices, the cost price of the products and the quantity imported to the government following the implementation of the licensing system.
In the past, importers only had to declare to the government the prices of their fuel and gas products; Mr. Leong claimed that the government could only follow up on prices through the quantity stored by importers.
The licensing system, announced by Chief Executive Fernando Chui Sai On on Monday, mandates that importers must obtain an import permit from the government before purchasing fuels and gas products.
K.L.