Logo of Phnom Penh Post newspaper Phnom Penh Post - Government taking inventory of fuel stocks

Government taking inventory of fuel stocks

Government taking inventory of fuel stocks

The Ministry of Commerce is visiting the Kingdom’s petroleum importers to check their inventories following the release of new regulations this week that require the companies to maintain and report their stock levels, a ministry official said yesterday.

“We want to get accurate data on the actual quantity of fuel in their stocks so that we can adjust prices in the local market to reflect changes in the price of oil in the international market,” explained ministry spokesperson Soeng Sophary.

She said the ministry’s inspections would not interfere with the work of fuel importers, but were aimed at ensuring the accuracy of the government’s recently developed fuel pricing mechanism.

In March, the Ministry of Commerce adopted a fuel pricing mechanism that sets price caps on fuel sold by the Kingdom’s major petrol retailers. The mechanism is calculated according to a formula based on the average Means of Platts Singapore (MOPS) benchmark, adding in taxes, VAT and local operating costs.

According to a prakas issued by the ministry on Tuesday, fuel importers are required to replace any gasoline or diesel sold during the month to maintain a consistent level of stock, and must report the size of their stock to the ministry during the first week of every month.

MOST VIEWED

  • Archeologists find ancient phallic statue

    An archeological team has found a metre-long tipless stone linga (penis) of the Hindu deity Shiva in the foundations of a temple in Kratie province’s historical Samphu Borak area, a former capital of the pre-Angkor Empire Chenla period. Thuy Chanthourn, the deputy director of

  • Man arrested for fake PM endorsement

    The owner of currency exchange company GCG Asia Co Ltd was temporarily detained by the court yesterday for attempted fraud after Prime Minister Hun Sen reacted to the company using his name and pictures to allege his endorsement of the firm. Phnom Penh Municipal Court

  • Sihanoukville authority orders structure dismantled

    The Preah Sihanouk provincial administration has ordered owners of two unauthorised construction sites to immediately dismantle them and warned of legal action if the owners failed to comply. Ly Chet Niyom, development management and construction bureau chief at the provincial hall, told The Post on

  • Police seek arrest of Chinese ‘gang’

    Cambodian police remain on the lookout for 20 Chinese nationals who earlier this month posted a video clip threatening to stoke insecurity in Preah Sihanouk province, though the Chinese Embassy in Phnom Penh maintained the group posed no threats to Cambodia’s national security. National Police