Cambodia's retail petrol price has increased more than 20 per cent during the first four months of this year due to rising costs on the international market, the monthly oil prices set by the Ministry of Commerce reveal.
According to the price lists, which have been set twice per month by the ministry between January and April, the price of regular petrol increased by more than 20 per cent from 3,200 riel ($0.78) per litre in January to 3,850 riel per litre this month. Diesel prices rose more than 12 per cent.
A notice issued by the ministry on April 17 states that between April 16-30, the Kingdom’s petrol stations are to sell regular petrol at 3,850 riel per litre and diesel at 3,600 riel per litre.
Compared to early this month, the price of regular petrol increased by 100 riel, while diesel rose by 50 riel. “Super” petrol is not included in the ministry’s pricing list.
The international market oil price index on Monday showed that due to the US announcement that it will end exemptions from its sanctions to any country purchasing Iranian oil, the West Texas Intermediate price, a grade of crude oil used as a benchmark in oil pricing, ended trading at $65.70 per barrel, up 2.7 per cent. Brent Crude gained $2.07 to $74.04 per barrel.
Cambodia is expected to be able to extract its first drop of oil by the end of this year under the operations of Singapore-based firm KrisEnergy Ltd, which operates Cambodia’s offshore Block A oil deposit.
The government on April 5 approved the draft law on kerosene and oil products management, which aims to promote sustainable and efficient kerosene sector development.