Retail prices for regular gasoline in Cambodia have seen a slight increase, while diesel prices remain unchanged for the 10-day period from March 21-31, as international crude oil prices experienced a minor rise.
In a press release dated March 21, the Ministry of Commerce announced that the retail price of regular petrol had risen to 4,350 riel ($1.084) per litre, up from 4,250 riel ($1.059) 10 days earlier, while diesel prices had stayed steady at 4,150 riel ($1.034).
The ministry referenced an agreement initiated by former Prime Minister Hun Sen, aimed at easing the burden on citizens.
It said that with the support of domestic fuel distributors, incumbent Prime Minister Hun Manet has continued to subsidise fuel prices, resulting in a reduction of $0.65 cents per litre.
“Therefore, from March 21 to 31, retail prices will be set at 4,350 riel [$1.084] per litre for regular gasoline, while diesel will remain unchanged,” the ministry confirmed.
On March 14, US-based business news channel CNBC reported that US crude oil futures had surpassed $81 a barrel, reaching the highest level since early November.
It said this follows the International Energy Agency’s (IEA) updated forecast, which anticipates a slight supply deficit in 2024 rather than a surplus.
According to the same source, the West Texas Intermediate contract for April rose $1.54, or 1.93%, to settle at $81.26 a barrel, while the Brent contract for May added $1.39, or 1.65%, to settle at $85.42.
The forecast is based on the assumption that OPEC+ will maintain its production cuts throughout 2024. These output reductions, amounting to 2.2 million barrels per day, are officially in place at least until the second quarter.
The IEA has also revised its global demand growth estimate upward by 110,000 barrels per day, now totalling 1.3 million barrels per day.
Oil prices saw an increase of over 2% on March 13 following drone attacks by Ukraine on Russian oil refineries. US crude has risen by 13.4% in 2024 so far, with the global benchmark up by 10.9%.
In 2023, Cambodia spent over $2.17 billion on diesel and petroleum imports, a decrease of 7.6% from the previous year, as reported by the General Department of Customs and Excise (GDCE).
Diesel imports totalled $1.32 billion, marking a 12.2% increase, while petroleum imports fell slightly by 0.26% to $850 million.
The Ministry of Mines and Energy projects the Kingdom’s demand for oil and gas products to reach 4.8 million tonnes by 2030, an increase from 2.8 million tonnes in 2020.
