Government announces lower price cap amid oil rally

The government announced yesterday that it is lowering the price cap on petrol and diesel sold at retail petrol stations across the Kingdom effective today through October 21 in an effort to reflect changes in global oil prices.

A statement issued by the Ministry of Commerce sets the price ceiling on regular petrol at 3,700 riel per litre during the 10-day period, with diesel capped at 3,400 riel per litre. The revision comes as Benchmark crude oil prices showed signs of recovery, climbing to $56.77 per barrel yesterday after falling since late September.