PHNOM PENH, Sept. 21 (Xinhua) -- Retail fuel prices in Cambodia continued their upward trajectory on Monday, driven by a surge in global oil prices fueled by ongoing tensions in the Middle East, according to the Ministry of Commerce.
In its latest announcement, the ministry said that the price of regular gasoline has risen to 5,250 riels (about 1.29 U.S. dollars) per liter. This marks a 9.3-percent increase from 4,800 riels just 10 days ago.
Diesel prices saw an even sharper jump, climbing 11.9 percent to 6,100 riels per liter, up from 5,450 riels in the previous period.
The ministry's data highlights a staggering long-term trend, showing that since the outbreak of the Middle East conflict, the retail prices of regular gasoline and diesel in Cambodia have skyrocketed by 36.3 percent and 58.4 percent, respectively.
Thong Mengdavid, deputy director of the China-ASEAN Studies Center at the Cambodia University of Technology and Science, warned that these hikes directly inflate transportation and production costs.
"This drives inflation and erodes consumer purchasing power, particularly for food and agricultural products," he told Xinhua. "Ultimately, this dampens overall economic activity and pushes food prices higher."
He added that the burden falls disproportionately on vulnerable segments of the population.
"The most affected are low- and middle-income households, informal workers, and small and medium enterprises, as they are forced to confront rising living and operational costs with very limited financial cushions," he said.
Cambodia remains highly vulnerable to global oil market volatility. The Southeast Asian nation relies entirely on imported petroleum and diesel, as its own offshore oil reserves have yet to be commercially exploited. ■
