Cambodian Prime Minister Hun Sen announced that the petroleum price will decrease by $0.03 from the first July 2018, addressing to 3,000 graduates at Phnom Penh’s Diamond Island on Friday.
According to the premier, the Royal Government of Cambodia has spent $83 million to stabilize the petroleum price during the first five months of 2018.
It is not enough, he said adding that: the government will (1) determine basic charge of gasoline tax fee comparing to international market price (2) discount tax rate from 35% to 15% for petroleum, 15% to 5.5% for diesel, and %15 to 10% for oil. Through this measure, the government will hold $30 million accountable annually.
The petroleum price discount campaign will be jointly initiated by the government and petroleum companies like Sokimex, Tela, Total, Caltex, Papa, Ptt. In this sense, the government will be responsible for 50% of the $0.03 discount per liter, an equivalent to $0.0015, and the other 50% by the petroleum companies.
Prime Minister said that the joint public private partnership on petroleum price discount is to address people’s concerns.
During the electoral campaign, he expected political parties to propagandize to lower down the petroleum price if their parties won. However, he informed that the price is not determined by Cambodia, but it is the Organization of Petroleum Exporting Countries (OPEC).