Local oil prices fall slowly

The current volatility of oil prices on the global market is bringing cuts in prices at Cambodia’s five main petroleum retailers. However, some observers say the current fall in prices is too limited. Data from the Ministry of Commerce showed that super oil retailed at 5,200 riel per litre yesterday, compared to 5,750 riel in early May, a drop of nearly 10 per cent. The regular oil price was 5,000 riel compared to 5,450 riel, a fall of 8.25 per cent, while diesel sold at 4,650 riel, compared to 5,100 riel per litre, a decline of 7 per cent. Bin May Mialia, commercial manager of Thai-based PTT oil company told the Post that the Singapore oil exchange at closing yesterday showed that refined super oil was at US$104.18 per barrel, regular oil was at $101.89, while diesel was $111.160.  Some petrol stations in the Kingdom have been cutting prices since mid-May, he said. ... Son Chhay said that Cambodia’s oil price is 30 per cent higher compared to neighbouring countries, claiming that government loses about 40 per cent of the revenue from tax collection on the industry as so much is smuggled in from Vietnam. ...

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