Fuel prices rose 4 percent last week

via CAAI News Media

Monday, 12 April 2010 15:00 May Kunmakara

FUEL prices climbed around 4 percent in the past week at Cambodia’s five largest suppliers, parallel with a rise in global prices.

According to the Ministry of Commerce’s Petroleum Price Index, premium petrol was selling for 4,700 riel (US$1.12) per litre Friday, up from $1.08 on April 2. Regular petrol climbed from $1.03 to $1.07.

“My company just began to increase prices,” said Bin Many Mialia, business division manager of PTT (Cambodia) Ltd, which imports fuel from Thailand.

“In fact, we didn’t want to increase our prices because of the coming New Year. We wanted our buyers to enjoy their holiday,” he added

Fuel prices climbed due to a weak US dollar and euro, he said. Prices are also affected by the global market, transportation costs, the exchange rate, taxes and fuel quality, added Nay Chmnap, a communications specialist for Caltex (Cambodia) Ltd.

“Currently the global gas and oil price increased around $5 per barrel,” she said. “I cannot say when it will decrease.”

Officials at another leading fuel supplier, Sokimex Group, could not be reached for comment Friday. But according to the Petroleum Price Index, that company raised prices, too.

Bin Many Mialia added that prices remain lower than in Vietnam or Thailand, which charge $0.04 more per litre.