PHNOM PENH, Nov. 6 (Xinhua) -- Gasoline and diesel prices have surged by around 10 percent at the pump in Cambodia, local media reported Tuesday.Prices at Phnom Penh's Chevron (former Caltex), Sokimex, Total and Tela stations jumped to 4,450 riel (about 1.1 U.S. dollars) Monday from 4,050 riel (about one dollars) per liter for "premium" gasoline, the Cambodia Daily newspaper said.
Diesel prices also increased from 3,300 riel (about 0.81 dollars) to 3,650 (about 0.9 dollars) riel per liter, it added.
Cambodia would not join the ranks of other nations using subsidies to stabilize petroleum prices, Men Den, director of the Petroleum Exploration and Production Division for the Cambodian National Petroleum Authority, was quoted by the newspaper as saying.
When oil prices go up they tend to stay up, Men Den said, adding that Cambodia's as yet untapped offshore oil reserves are the best chance for bringing down costs.
Meanwhile, analysts cited strong global demand, geopolitical concerns and Cambodian taxes for the high prices that consumers currently face, the newspaper said.
Sok Kong, president of Cambodian petroleum company Sokimex, blamed the price increase on the world market, which has pushed crude oil prices to nearly 100 dollars per barrel.
He added that there seem to be no sign of the situation abating.
