The Government would introduce effective measures to monitor the price of fuel products to better protect the rights of the people, said the Secretary for Economy and Finance, Mr Leong Vai Tac.

In the short term, the Government would re-introduce the licensing system for imported petroleum products, compare it to the current declaration system, giving the public better and timely grasps on the price fluctuations.

In the long run, the Government would introduce legislation on the protection of consumers’ rights and interests, empowering the Consumer Council to get more details on the pricing system and to act against any irregular behaviour, he said.

Mr Leong made these comments after a meeting with the Chief Executive, Mr Chui Sai On, and representatives of the Macao Economic Services and the Consumer Council on 7 February.

The Government had established a monitoring system on fuel prices, which came into effect since the current government team took office, and made continuous efforts to follow price changes on the international market.

Mr Leong said the Government attached great importance on the changes in prices as fuel cost is related to people’s everyday lives and the business.

Local fuel retailers had announced on 5 February that the price of fuel would go up. The following day, the Government learned that the increase was a business decision, and that the increase in retail price had nothing to with the cost of fuel in stock.

In a meeting with Mr Leong, representatives of retailers said they agreed to more transparent on the pricing of fuel products, and supported a licensing system for imported fuel products.