The retail prices of regular-grade petrol and diesel were respectively hiked by about 2.0 per cent and 7.8 per cent on April 21, according to a Ministry of Commerce notice.
For the April 21-30 period, the retail selling prices of fuel in the Kingdom have been set at 5,150 riel or $1.28 per litre of regular EA92 – petrol with an octane rating of at least 92 – and 5,500 riel or $1.36 per litre of diesel, said the notice containing values in both currencies.
The corresponding rates for April 11-20 were 5,050 riel ($1.25) and 5,100 riel ($1.26) per litre of regular EA92 and diesel, respectively, up from 4,100 riel ($1.00) and 3,750 riel ($0.92) on December 16-31 – the most recent major trough.
Compulsory for licensed filling stations, although usually not strictly enforced for street vendors, the pricing serves as a tool to facilitate and enhance cost control nationwide.
The finance, commerce and energy ministries on March 22 issued an inter-ministerial prakas, comprising 12 articles, intended to keep fuel prices “equitable”, according to commerce ministry spokesperson Penn Sovicheat.
The prakas’ chief stipulation is the lowering of the pricing period from 15 days to 10 days. They also named the commerce ministry’s Department of Private Sector Development as being responsible for calculating the retail prices of fuel in Cambodia. The department will issue the figures on the 1st, 11th and 21st of each month.
The rates are calculated using data extrapolated from fluctuations in crude prices on the international market, and a number of taxes and charges that are adjusted based on feedback from meetings with local oil importers and other stakeholders.
International oil prices trended up in the April 11-20 period versus the previous 10 days, with Brent ranging from $97.57-114.84 and WTI $92.93-109.81. Both benchmarks peaked on April 18 and bottomed out on April 11, according to Investing.com.
At 1356 GMT on April 21, the June contract of Brent futures was at $108.77, up $1.97 or 1.84 per cent from its previous close, while US West Texas Intermediate (WTI) rose to $104.25, with the June contract up $2.06, or 2.02 per cent, data from the financial markets platform indicate.
The ministry notice shows that the current tri-monthly regular EA92 rate was calculated by adding the $0.7766 average Means of Platts Singapore (MOPS) over April 11-20, $0.1847 in taxes and associated charges ($0.0635 in customs duty, $0.0200 in additional fees and $0.1013 in special fees) and $0.20 premium – summing up to about $1.161 – plus an extra 10 per cent surcharge on top of that for a total of $1.2774 or 5,164 riel, which were then adjusted to their final values.
Similarly, the diesel rate was computed from a $0.9364 mean MOPS (over the same seven working days), $0.0742 in taxes and associated charges ($0.0000 in customs duty, $0.0400 in additional fees and $0.0342 in special fees) and $0.23 premium – tallying up to around $1.241 – with a 10 per cent surcharge for a sum of $1.3636 or 5,517 riel, which were then rounded to their current values.
And as has been customary since July 2018, the notice mentioned that the two current per-litre rates include a $0.04 reduction approved by Prime Minister Hun Sen “to ease the people’s livelihoods”.