Cambodia's petroleum demand expected to reach 4.8 million tons by 2030: minister-Xinhua

Cambodia's petroleum demand expected to reach 4.8 million tons by 2030: minister

Source: Xinhua| 2022-07-27 18:39:15|Editor: huaxia

PHNOM PENH, July 27 (Xinhua) -- The demand for petroleum products in Cambodia is projected to rise to 4.8 million tons in 2030, up from 2.8 million tons in 2020, the country's Minister of Mines and Energy Suy Sem said on Wednesday.

Speaking at the Oil, Gas and Power Cambodia 2022 conference here, Sem said the demand will increase to 8.3 million tons in 2040.

"Further investments in this sector are needed in order to respond to this growing demand," he said.

Currently, Cambodia imports all of its petroleum products from Vietnam, Singapore and Thailand as its seabed oil and gas reserves have not been tapped yet.

According to the Ministry of Commerce, the Southeast Asian nation spent 971 million U.S. dollars on imports of petrol and diesel in the first five months of 2022, up 57 percent from 617 million dollars over the same period last year.

Oil prices in Cambodia have soared since the Russia-Ukraine crisis burst out in February.

The Ministry of Commerce's oil price list showed that regular petrol costs 4,800 riel (1.17 U.S. dollars) per liter on Wednesday, while diesel costs 5,300 riel (1.3 dollars).

The figures indicated that the prices of regular petrol and diesel rose 6.6 percent and 25 percent, respectively compared to the prices dated in early February.