PHNOM PENH, July 7 (Xinhua) -- Retail fuel prices in Cambodia have continued to decline over the past two weeks, according to a Ministry of Commerce announcement on Tuesday.
The ministry said that the price of regular gasoline dropped 9.2 percent to 3,950 riels (0.98 U.S. dollar) per liter on Tuesday, down from 4,350 riels (1.08 dollars) two weeks ago.
Meanwhile, diesel fell 3.5 percent to 4,100 riels (1.01 dollars) per liter, down from 4,250 riels (1.06 dollars).
Despite the recent drops, domestic fuel prices remain slightly higher than before the outbreak of the conflict in the Middle East in late February, when both gasoline and diesel cost 3,850 riels (0.95 dollars) per liter.
Thong Mengdavid, deputy director of the China-ASEAN Studies Center at the Cambodia University of Technology and Science, said that the gradual decline signaled a positive trend for the local economy as the Middle East geopolitical tensions ease.
As Cambodia is a heavy net importer of oil, this development will immediately alleviate the inflationary burden on local farmers as well as the logistics and transportation sectors, he told Xinhua. ■