Retail petrol prices have experienced a slight decrease after reaching their highest levels in a year, with regular gasoline now at 4,550 riel per litre, down from 4,750 riel in the previous 10 days. Diesel prices remain unchanged at 4,850 riel per litre.
“The maximum retail price of fuel at all petrol retail stations will apply from October 1-10,” confirmed the Ministry of Commerce in an October 1 press release.
The dip in petrol prices mirrors a modest decline in international crude oil prices. CNBC reported on September 28 that US West Texas Intermediate (WTI) futures decreased by 2.09 per cent to $91.72 per barrel, having peaked earlier in the session at $95.03, the highest since August 2022. Concurrently, the global benchmark Brent declined by 1.4 per cent to $95.18.
The recent surge in energy prices followed revelations that crude stocks at the vital storage hub in Cushing in the US state of Oklahoma plummeted to their lowest since July of the previous year. Data from the US Energy Information Administration (EIA) disclosed a drop to 22 million barrels – close to the operational minimum – for the fourth week of September, a decline of 943,000 barrels week-on-week.
“Today’s price action seems to be Cushing driven,” commented Bart Melek, managing director of TD Securities, as cited by CNBC on September 28.
“Prices could maintain these levels for a while, but I don’t anticipate permanency. This rally might be concluding,” he added.
According to data from the General Department of Customs and Excise (GDCE), Cambodia spent $2.28 billion on oil and gas imports during the first eight months of 2023, marking a 9.5 per cent decrease compared to the same period last year.
Forecasts from the Ministry of Mines and Energy anticipate Cambodia’s oil and gas demand to rise to 4.8 million tons by 2030, up from 2.8 million tonnes in 2020.