PHNOM PENH: The retail price of petrol in Cambodia is steadily rising as international oil prices climb to levels not seen since October 2018. The rise is thanks to the winding down of the pandemic as more and more economies open up and demand for oil increases.

In Cambodia, super petrol is now at 4,850 riel per litre, with regular petrol at 4,300 riel per litre and diesel at 4,000 riel. Regarding the matter, the spokesman for the Ministry of Commerce, Pen Sovicheat, has clarified that the rise in local fuel prices “is not intentional and not what the government determines. It is the effect of the demand and supply of rising international oil prices." He went onto clarify that, “Cambodia is not an oil producer and Cambodia buys oil from Singapore and neighboring countries, so when international oil prices rise, it does affect the retail price of fuel in Cambodia.”

Pen Sovicheat has explained that the Royal Government is doing its best to stabilize prices locally by continuously maintaining the same amount of taxes and subsidies at 4 cents per litre. He’s pointed out that OPEC, the group of oil-producing countries, had forecast lower demand for oil during the pandemic, but the recovery of countries and the resumption of travel and business, has led to a surge in demand. The government’s expectation is that OPEC will increase oil production to keep international prices in check.

The international benchmark Brent Crude rose $1 on Monday morning to $85.73 a barrel, its highest level since October 2018.