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Wednesday, February 13, 1974
The Financial Secretary pointed out that statistics on oil stocks
in Hong Kong could fluctuate widely between particular dates due to slight
changes in the schedule of tanker deliveries.
Although stocks rose between mid-December and the end of January,
because the anticipated cutback in supplies did not occur until the end of
January, the 10 per cent cutback from traditional sources had now begun.
It was only prudent that the percentage reduction in consumption
should be kept above the expected percentage reduction in supplies because
we could not be sure in present world oil uncertainties that the cutback
would only be 10 per cent.
"The outlook could change at very short notice for reasons beyond
our control," he said.
In reply to a question from Dr. the Hon. S.Y. Chung, Mr. Haddon-Cave
gave a list of comparative figures for the stock level of various oil products.
In September 1973, the stocks of kerosene were good for about 44 days
of normal consumption, while at the end of last month, they were sufficient
for 49 days.
The stocks of petrol were sufficient for 36 days at the end of last
month, compared with 30 days at the end of last September, while the stocks
of automotive and industrial diesel oil were sufficient for 30 days at the
end of last month, three days less than at the end of January last year.
Mr. Haddon-Cave, emphasised that variation in these stock levels
should not give anxiety because it could be due to changes in delivery
schedules, and besides it was expected that additional supplies were to
start coming from China towards the end of this month.
"There is every reason to believe that stocks will be maintained at
satisfactory levels," he said.
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