PHNOM PENH: (Bernama-Xinhua) Retail petrol prices in Cambodia continued to surge on Sunday (Oct 11) while diesel saw a slight drop, according to the latest Ministry of Commerce announcement, reported Xinhua.
From Oct 11 to 21, the price of regular petrol will rise 3.8 per cent to 5,350 riels (US$1.31) per litre, up from 5,150 riels (US$1.27) during the previous 10-day period. Conversely, diesel prices fell 1.7 per cent to 5,550 riels (US$1.36) per litre, down from 5,650 riels (US$1.39).
Driven by the West Asia conflict since late February, regular petrol and diesel prices in the kingdom have so far jumped by 38.9 per cent and 44 per cent, respectively, according to the Ministry of Commerce.
To cushion the economic impact, Cambodian Prime Minister Hun Manet said on Wednesday that the government has injected nearly US$500 million in subsidies to curb rising fuel costs and stabilise electricity prices.
He affirmed that these subsidies will remain in place as long as global fuel markets remain elevated.
The Southeast Asian nation relies entirely on imported petroleum and diesel, as its offshore oil reserves remain unexploited.
Thong Mengdavid, deputy director of the China-Asean Studies Centre at the Cambodia University of Technology and Science, said that soaring energy costs are hitting local logistics and manufacturing.
"This surge is driving domestic inflation and eroding consumer purchasing power, with food and agricultural products taking the hardest hit," he told Xinhua. - Bernama-Xinhua
