Hong Kong bus company boss Martin Lau feels overwhelmed as he attempts every option possible to minimise mounting losses wrought by runaway fuel prices.
He has done everything he can think of, from trying to reduce services to doing his own repairs on his fleet of more than 20 coaches.
“The reality is cruel, if oil prices keep rising and the government does nothing and bans us from cutting service frequencies, I don’t know how long we can hang on,” Lau said.
Hong Kong, which relies entirely on fuel imports, is vulnerable to external shocks such as the Middle East war, with the conflict dealing a severe blow to sectors ranging from transport, logistics and fishing to laundry services and food and drinks.
The crisis is already unleashing a wave of unintended consequences in Hong Kong, from transport operators hurt by inflexible government red tape to threats for low-margin industries like the commercial laundry sector and construction subcontracting.
