New petrol price to be adjusted every 10 days

New petrol price to be adjusted every 10 days

The government will shorten the petrol price adjustment from 15 days to 10 days, considering the rapid increase in international crude oil prices, according to the Ministry of Commerce.

The government currently adjusts petrol price every 15 days or two times a month on the first and 16th of every month. Still, due to the fluctuating price of crude oil in international markets, the adjustment will be made every ten days, Minister Pan Sorasak said in a press conference on Monday.

He said that the Ministry of Commerce held talks with relevant ministries and owners of petrol stations on the move.

The minister said that the shortening number of days to ten is a win-win measure to help users, enterprises, and petrol stations.

“The Ministry has held meetings with relevant ministries, including the Ministry of Finance, Ministry of Mines and Energy, and the private sector, which agreed to support the government’s measures,” he said.

He said the Ministry is now expecting approval from the Ministry of Economy and Finance on the move.

“Currently, fuel prices fluctuate rapidly, so changing this notice is the first step in providing a win-win situation for consumers and the private sector,” he said.

Currently, the gasoline price is at 4,800 riel ($1.18) per litre, while diesel is priced at 4,500 Riel ($1.11). However, the fuel price is expected to increase due to the international market’s surge in crude oil price.

With the petrol price hike, the ministry has called on people not to resort to panic purchase of petrol, Penn Sovicheat, the ministry spokesman. said.

Despite the current situation, the price of oil in the world and Cambodia continue to rise. People should not be too worried about buying oil to store because Cambodia, through major oil importers, imports the petrol to ensure sufficient supply, Sovicheat said.

He said that fuel prices in Cambodia would continue to rise to another level of more than 5,000 riel per litre this week as long as the wars in Russia and Ukraine continue.

“The government has made every effort to ensure that we have enough oil in stock,” he said.

“The Royal Government has made every effort to ensure the availability of oil for use, facilitate people’s livelihood, economic life and ensure reasonable prices that people can buy and use,” Sovicheat said.

Fuel supplied in Cambodia is currently imported from Singapore, Thailand and Vietnam. Khmer Times