Kingdom spends over $960 million on oil imports in Q1

Kingdom spends over $960 million on oil imports in Q1

Cambodia’s imports of diesel fuel and petroleum oils inched up in the first quarter (Q1) of 2025, as the price of oil decreased, a General Department of Customs and Excise’s report showed.

The value of diesel fuel and petroleum oil imports totalled $961 million during the January-August period, up 1.3 percent over the same period last year.

The increase in fuel imports is due to an improvement in the domestic production chain, said Lim Heng, Vice President, Cambodian Chamber of Commerce (CCC).

Speaking with Khmer Times, Heng said, “Despite external factors affecting global demand, we see the domestic manufacturing sector remain strong; encouraging more import of fuel.”

Cambodia currently relies on imports of diesel fuel and petroleum oil as its seabed’s oil reserves have not been tapped yet.

The Ministry of Mines and Energy predicts that demand for oil products in Cambodia will increase to 4.8 million tons in 2030, up from 2.8 million tons in 2020.

Cambodia, which is reliant on imports for its fuel supply, gets diesel and petroleum imports from Singapore, Thailand, and Vietnam, according to the Ministry of Commerce.

Retailers import fuel from players including Tela Sokimex, Papa Savimex, Lim Long, and others.

Foreign companies that import fuel to Cambodia include Total, Caltex, and PTT.

In future, it is possible that Cambodia could have an independent supply of fuel as the government explores potential oil resources under the Khmer seabed and the Tonle Sap.

Oil prices have edged lower amid mixed signals on US trade policy, although a weak US dollar helped limit further losses.

The decline in the value of the US dollar bills is encouraging oil-importing countries to purchase more crude oil at cheaper dollar prices, supporting higher crude prices.

At gas stations on Monday, regular petrol and diesel cost 3,700 riel ($0.92) and 3,500 ($0.88) riel per litre respectively.

khmertimeskh