The government yesterday advised gas station owners to set petrol and diesel pump prices at 4,000 riel ($1) per litre until November 15, which means gasoline retailers would absorb 160 riel (four cents) of the cost of crude.
For in depth analysis of Cambodian Business, visit Capital Cambodia
According to a statement by the Ministry of Commerce yesterday, Prime Minister Hun Sen told petrol stations owners to sell Gasoline 92 four cents cheaper to aid those struggling to make ends meet.
Based on a formula jointly decided by the ministries of Economy and Finance, Commerce, and Mines and Energy, every 10 days the government issues a recommendation for the price at which petrol should be sold in Cambodia.
The global average selling price for petrol now is 4,160 riel per litre, while diesel stands at 4,191 riel.
As of press time, Brent crude oil futures were down 0.99 percent at $74.30 per barrel, while the West Texas Intermediate crude oil traded 0.66 percent lower at $64.88 per barrel.