Hong Kong has become the latest state to address growing concerns over the transparency of energy markets after the city's finance secretary said it would look at establishing an oil futures exchange to help local users hedge against record prices.

The absence of a market that takes into account local conditions forces Asian importers to pay more for oil than their counterparts in Europe and the US, financial secretary John Tsang said in an article published in local newspapers. China, one of the three largest oil consumers, currently uses Dubai futures as a reference for bargaining, Tsang said.