Logo of Phnom Penh Post newspaper Phnom Penh Post - PM to hold price talks with petrol retailers

PM to hold price talks with petrol retailers

PM to hold price talks with petrol retailers

Prime Minister Hun Sen said yesterday that he will meet with Cambodian oil retailers to further discuss the issue of setting up a flexible petrol pricing mechanism to ensure that prices at the pump reflect changes in the global market.

Speaking at the National Institute of Education, Hun Sen criticised retailers’ eagerness to increase petrol prices when global prices went up, while being slower to respond to dropping prices.

“I will meet all of them [oil retailers] directly and will ask the Ministry of Commerce to formulate a [price] calculation for me,” he added.

The Ministry of Commerce has held meetings with fuel retailers operating in the Kingdom to devise a flexible pricing mechanism that reflects global fluctuations of oil prices.

While the companies submitted their pricing structures before the Pchum Ben holiday, the ministry said it would meet with retailers individually after the holiday, and in the interim asked them to reduce prices by 100 riel as a stop-gap measure.

Bin Many Mialia, the marketing manager at PTT (Cambodia), welcomed the prime minister’s move and said that the company has decided to continue the 100 riel price drop beyond the holiday.

He added that both the government and private companies need to reach a consensus on the pricing mechanism.

“If the government wants to decide the price [by itself ] it will be against the free market [policy],” Mialia said.

Prices at petrol stations in Phnom Penh yesterday ranged from 3,700 riel for regular gasoline to 3,950 riel for premium.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,