PHNOM PENH, April 10 (Xinhua) -- Retail fuel prices in Cambodia have declined after the United States and Iran agreed to a two-week ceasefire, the Ministry of Commerce said Thursday midnight.
In an announcement, the Ministry of Commerce said a liter of regular gasoline costs 5,200 riels (1.3 U.S. dollars) from Friday until the next notice, down 5.4 percent from 5,500 riels (1.37 dollars) in the past three days.
Diesel is now priced at 6,900 riels (1.73 dollars) per liter, down 15.8 percent from 8,200 riels (2.05 dollars), the announcement added.
Meanwhile, the price of Liquefied Petroleum Gas is flat at 3,900 riels (0.97 dollars) per liter.
The General Department of Customs and Excise of Cambodia said on Wednesday that it has subsidized about 47 million U.S. dollars a month to minimize the impact of rising fuel prices caused by the Middle East conflict.
The subsidies have been made through the reduction of import duties and taxes on oil and gas, and the reduction of import duties on electric vehicles, passenger plug-in hybrid electric vehicles, electric stoves, and solar-powered devices.
The Southeast Asian country entirely relies on imported petroleum and diesel, as its seabed's oil reserves have not been exploited yet. ■
