Gasoline prices hit 5,700 riel a liter in Cambodia

PHNOM PENH  - Gasoline prices in Phnom Penh rose to as high as 5,700 riel per liter on Monday, according to gas stations in the capital.

Importers blamed the increase on higher international oil prices.

World oil prices gained ground last week on news that the US Federal Reserve Board was planning to keep interest rates near zero for at least two years as traders eyed ongoing geopolitical concerns over Iran, a key crude producer.

Brent North Sea crude for delivery in March climbed to $111.30 a barrel at London's Intercontinental Exchange on Friday, up from $110.05 the previous week.

At the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for March rose to $99.89 up from $98.21 for the February contract a week earlier.

Oil prices were lower in Asian trading Monday as markets awaited the outcome of a European Union summit of the eurozone debt crisis. In Singapore, West Texas intermediate crude fell 29 cents to $99.27 a barrel in morning trade. source

Share