Monday, May 03, 2010

High oil prices fuel inflation in Cambodia

PHNOM PENH, May 3, 2010 (Xinhua) -- Inflation reached almost 7 percent in March as petrol prices in Cambodia rocketed up 38.5 percent over last 12 months, local media reported on Monday, citing new statistics.

The Phnom Penh Post quoted the monthly Consumer Price Index ( CPI), released by the National Institute of Statistics on Saturday, as saying that inflation stood at 6.7 percent in March this year, compared with a year earlier.

Although this is lower than the 7.3 percent annualized inflation seen in February, the report states that the month-on- month rate increased to 0.7 percent in March from 0.2 percent in February.

"The main increase ... was due to food and non-alcoholic beverages; alcoholic beverages and tobacco; clothing and footwear; water; electricity, gas and other fuels; healthcare costs; and transport," concluded the report.

It noted that fuel price hikes were a significant inflationary factor. Petrol prices have risen by 38.5 percent since March 2009, and 5 percent month on month.

Diesel is up 33.9 percent since March 2009 and prices for fuel and oil for personal transport have risen by 37.8 percent.

On Sunday, premium and regular petrol at petrol stations in Phnom Penh were selling at 4,650 riel (1.1 U.S. dollar) per liter and 4,400 riels a liter respectively.

Sok Chheang, executive director of Cambodia Trucking Association, which represents 16 large transport companies, said Sunday that profits in his sector have declined as international oil prices have soared.

Commentators believe that the latest CPI reflects that international oil prices have had a knock-on effect on the cost of consumer goods.

6 comments:

Anonymous said...

Fuel distributor companies sale their products tha same price as somewhere else. In other countries the price includes 35% of tax.
They don't spend more money for transport, refuelling, stock..
They make more profit because they don't pay tax.
Any of them could lower their price if it wants.
Bun Rany could say I don't know, I just receive money from my company, someone else manages, she lies, she can lower her company fuel price to help Cambodians and the same time Cambodian economy.
If she does other companies have no choice they will lower also their price.
Search FUEL TAX in google or any other browser to see how fuel distributor companies should pay tax to the country where they sale.

Anonymous said...

profits are in the pockets of political leaders.

The khmer people pay as usual.

Anonymous said...

i wonder why most people felt this way about cambodia. maybe you have to look further into the past to understand it is what it is on the surface, at least. i think cambodia is not that bad even with corruption. perhaps many people are over reacting due to excuses like camobdia is a poor countr, cambodia is full of land mines, cambodia is corrupted, cambodia is communism, cambodia is a dictator country, cambodia is this, cambodia is that, etc... how ignorant can they be to think everything is the same in cambodia! maybe people are just pure ignorant about cambodia. no wonder, they are surprised when they came to cambodia. i think it is cambodia's right not to wait for anyone who have no good intention for cambodia, who are afraid invest in cambodia, etc... no wonder cambodia look more and more to china because china is the only superpowers who is willing to do business with cambodia without so much conditions attached to their assistance, etc... don't forget even china is changed and is growing both economically and socially. so, cambodia will do what we believe or see is necessary in order to be a self-sufficient, self-interest nation, etc... of course, we welcome the west, the east, the middle east, the south, the north and so forth. when it comes to pack or party, we tend to be blurred as our focus is to develop cambodia and help our people through well and sickness, through thick and thin, etc... life does go on, believe it or not. cambodia and khmer people are resilient; we are over a thousand years old, and we have always survived through the stone age, the dark age, and the age in between, we even experience a few golden era in our history as well. so, who to say this or that about my country cambodia, really! i'm sure khmer people think proudly of our nation with or without the cheer of outsiders, really. may god bless my beloved and beautiful country of cambodia and our beautiful khmer people and citizens.

Anonymous said...

Oil prices are on the rise, even in the U.S. How about the major oil spill that is about to threaten the U.S coast? Does is oil spill have to do with current prices? Remember, in U.S, Chaney and Bush ( (former president and vice president) are controlled the oil. So you guess it, they are behind the gas prices. Business as usual, folks! It effects everywhere not in Cambodia!

Anonymous said...

In any country in the world fuel distributor companies pay tax to the country, in Cambodia, Cambodians pay the same price as somewhere else but those companies don't pay tax to the Cambodia.

Anonymous said...

Corruptions allow no room for fair competition and as result Cambodia remains stagnant! This is why Cambodia produce the smallest Cambodian millionaire than China, Japan, Korea, Taiwan, Vietname, Thailand...