A Hong Kong bus company has announced immediate service reductions and warned of potential closure due to sharply increased fuel prices. The company stated that soaring oil costs have severely impacted its finances, pushing it into the red.

A Hong Kong bus operator serving Tuen Mun commuters has warned it may cease operations after soaring oil prices pushed the company into the red, saying “every service is like pouring money into the sea”. ABC Touring Car Company, which runs non-franchised bus services linking Tuen Mun and urban centres, announced on Sunday it would reduce its services with immediate effect as the first step to cut costs. Fuel bills had more than doubled since late February, pushing business to the brink, the firm...