Cambodian oil prices rise again! Palestinian-Israeli conflict affects global crude oil market

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[INNEWS Comprehensive Report] Recently, Pen Sovicheat, spokesperson of the Cambodian Ministry of Commerce, revealed that due to the impact of wars such as the Palestinian-Israeli conflict, international crude oil prices continue to rise, causing the price of refined oil to also rise. ​​

In the latest oil price announcement released on October 21, the Cambodian Ministry of Commerce announced that the retail price of gasoline will continue to increase by 50 riel, equivalent to 4,350 riel (approximately US$1.08) per liter, while the price of diesel will remain at 4,650 riel. (approximately $1.16) remains unchanged. This price is valid from October 21 to 31, 2023. The Cambodian Ministry of Commerce plans to update oil prices every 10 days to keep up with fluctuations in global gasoline prices.

Pen Sovicheat pointed out that if crude oil prices continue to rise in the international market, Cambodia’s retail gasoline market is likely to continue to increase prices, especially Cambodia, which relies on gasoline imports from Thailand, Vietnam and Singapore. In addition, the outbreak of hostilities between Hamas and Israel, the world’s two largest gasoline exporters, triggered a series of oil spills that negatively affected the oil market, leading to lower production and higher market demand, which in turn pushed up International crude oil prices and refined oil prices.

Pen Sovicheat pointed out that Cambodia is a pure gasoline importer and therefore completely dependent on the selling price in the international market. When oil prices rise in Singapore, retail oil prices in Cambodia follow suit. However, he emphasized that if oil prices rise to record highs and have an impact on people’s lives, the government will take intervention measures.