Govt pressure drive Cambodian fuel prices down

August 19, 2008 at 6:35 am Leave a comment

New Straits Times, Malaysia – August 19, 2008

Pressure from the government has propelled the fuel providers in Cambodia to decrease their retail prices a little, and more price cutting can be expected in the future, China’s Xinhua news agency quoted a report in English-language newspaper the Phnom Penh Post Tuesday.

Petrol and diesel prices at most Phnom Penh stations dropped 400 to 500 riels (about US$0.10) per liter at the weekend, following a meeting last week between the government and oil companies, where finance officials pressed for a cut in pump prices, said the paper.

“We ask all major companies to consider reducing petrol and diesel prices,” Chuo Vichet, chief of cabinet at Ministry of Finance and Economy, was quoted as saying.

“We didn’t order (oil companies) to cut petrol prices, but being partners, we hope companies to reduce prices step by step,” he said.

“We understand that this is a free-market economy, but the government is hoping petroleum distributors to drop price to a reasonable level for consumers,” he added.

During the meeting here Thursday, Minister of Finance and Economy Keat Chhon talked with petroleum majors Sokimex, PTT, Kampuchea Tela, Total Cambodge, Caltex and Savimex on price cut.

After the preliminary cut, petrol and diesel at most Phnom Penh stations now sells at 5,200 riels (some US$1.27) a liter for premium fuel.

Cambodia’s oil consumption totally depends on imports and about 100,000 tons are imported per month, according to the government.

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Entry filed under: Economy and Trade, Politics. Tags: .

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