Phnom Penh, (Asian independent) The demand for petroleum products in Cambodia is projected to rise to 4.8 million ton in 2030, up from 2.8 million ton in 2020, the country’s Mines and Energy Minister, Suy Sem said.
Speaking at the Oil, Gas and Power Cambodia 2022 conference in Phnom Penh, Cambodia’s state capital, Sem on Wednesday added that the demand will increase to 8.3 million ton in 2040.
“Further investments in this sector are needed in order to respond to this growing demand,” he said.
Currently, Cambodia imports all of its petroleum products from Vietnam, Singapore and Thailand as its seabed oil and gas reserves have not been tapped yet, Xinhua news agency reported.
According to the Ministry of Commerce, the Southeast Asian nation spent $971 million on imports of petrol and diesel in the first five months of 2022, up 57 per cent from $617 million over the same period in 2021.
Oil prices in Cambodia have soared since the Russia-Ukraine crisis broke out in February.
The Ministry of Commerce’s oil price list showed that regular petrol costs 4,800 riel ($1.17) per litre on Wednesday, while diesel costs 5,300 riel ($1.3).
The figures indicated that the prices of regular petrol and diesel rose 6.6 per cent and 25 per cent, respectively compared to the prices dated in early February.
