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Cambodia: Gasoline price reaches 4,450 riels per litre
The retail price of regular gasoline or gasoline 92 (EA92) in Cambodia’s domestic market rose to the highest level in the last two months at 4,450 riels per litre.
The price is applicable from April 11 to 20, 2023, or during the Khmer New Year Festival, according to the latest statement from the Ministry of Commerce (MoC).
The price at gasoline stations countrywide shot up to 4,450 riels per litre from Tuesday to Thursday next week, while Cambodians have been preparing to celebrate the festival from Friday to Sunday this week.
This year’s previous highest price of 4,350 riels per litre was recorded on February 21, 2023.
Addressing the graduation ceremony of more than 6,000 students in the National Institute of Business (NIB) at the Diamond Island Convention and Exhibition Center in Phnom Penh, Prime Minister Hun Sen said the lower gasoline price would enable Cambodian people to enjoy Khmer New Year Festival by spending less on transportation or travelling.
“I wish the oil price go down further on the occasion of Khmer New Year so that our people will be able to buy more oil for their transportation,” said Prime Minister Hun Sen, adding that the war between Russia and Ukraine would end sometime in the future, while climate change takes a longer time.
The world has been impacted by geopolitical issues and war between Russia and Ukraine that has been going on for more than one year and has resulted in food and energy crises, said the Premier, adding that the oil price in the international market for both producers and consumers is between $50 and $70 per barrel.
After being discounted from 4,714 riels per litre—the retail price of gasoline 92 based on the oil price in the international markets, consumers in the domestic markets would pay 4,450 riels for a litre, while the retail price in the international market for gasoline increased to about $101.64 per barrel, according to MoC’s statement.
The IEA Oil Market Report (OMR) for February 2023—one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market—shows that the global oil demand is set to rise by 2 million barrels per day in 2023 to a record 101.9 million barrel per day with a 1.6 million barrel per day in the Asia Pacific region, fuelled by a resurgent China with a rise of 0.9 million barrel per day.
“The reopening of borders will boost air traffic,” the report pointed out, adding that the world oil supply held largely steady in January, at around 100.8 million barrel per day. The pause comes after a sharp 1.2 million barrel per day decline at the end of 2022 led by the US and Saudi Arabia. The global output is expected to grow 1.2 million barrel per day in 2023, driven by non-Organization of the Petroleum Exporting Countries Plus (OPEC+), while supply from OPEC+ is projected to contract with Russia pressured by sanctions.
A pronounced uptick in air traffic in recent weeks emphasizes the central role of jet fuel deliveries in 2023 growth—expected to soar by 1.1 million barrels per day to reach 7.2 million barrels per day, around 90 percent of 2019 levels. Total demand will hit a record 101.9 million barrels per day, 1.4 million barrels per day more than the 2019 average, according to the report.
Source: https://www.khmertimeskh.com/501271801/gasoline-price-reaches-4450-riels-per-litre/