Petrol and diesel prices will continue to decrease this year in Cambodia due to global tensions, Ministry of Commerce spokesman Seang Thay said.
Thay said the price of the fuel in petrol stations will not exceed 3,610 riel ($0.90) per litre in 2020, while the price of diesel will not rise over 3,343 riel.
“I am optimistic that the price of petrol will continue to decrease in March because of global tensions,” he said.
An employee at a Caltex petrol station on National Road 2 said: “The retail price of petrol has been gradually decreasing in the last few weeks.”
Regular petrol sells for 3,450 riel per litre, while diesel costs 3,150 riel per litre, he said.
International oil prices fell on Wednesday after major producers in Saudi Arabia and the United Arab Emirates vowed to boost production, according to a Market Insider report on Thursday.
Brent crude fell 3.6 per cent to $35.87 per barrel at 8:40am in New York, while West Texas Intermediate crude slipped 3.7 per cent to $33.08 per barrel. Oil prices gained as much as 11 per cent on Tuesday following a sharp drop a day earlier, Market Insider said.
There are 4,000 petrol stations in Cambodia, but only 700 are approved by the Ministry of Mines and Energy.
KrisEnergy Ltd is expected to extract the first drop of oil from Cambodia this year. The Singapore-based company is drilling in Block A, and offshore location in the Khmer Basin’s Apsara oilfield.