Commerce Minister Sun Chanthol yesterday asked fuel retailers operating in Cambodia to submit their cost reports to the ministry, which will be used to determine a suitable formula to calculate petrol prices in the Kingdom, a ministry official said.

Ken Ratha, spokesman for the Ministry of Commerce, said petroleum companies agreed to submit the information to the ministry on Friday.

“We need time to gather the information and work together to find a formula to resolve the issue,” he said. “As a result of Thursday’s meeting, petroleum retailers have agreed to a request to submit information related to pricing, such as the purchase and transport price, as well as taxes and operation costs.”

Ratha added that the ministry will meet with the Ministry of Economy and Finance, and the Ministry of Mines and Energy, next Monday to discuss the information and set a flexible pricing mechanism that reflects price trends in international oil prices.

Petroleum retailers will be given a chance on October 6 to review the proposed mechanism and consider whether its price formula is suitable for the country.

He added that once the concerned parties reach a consensus on the mechanism, it will be up to Prime Minister Hun Sen to sign off on it before it is implemented.

On September 22, the prime minister remarked that global oil prices had declined in the last few months, and urged fuel retailers to pass along the savings to consumers.

“Oil prices in global markets have tumbled, but the price [in Cambodia ] is decreasing very slowly,” he said. “Yet when oil prices [in international markets] go up, the price in Phnom Penh goes up quickly.”

The Ministry of Commerce has said that once the flexible pricing mechanism is in place, it would monitor the cost of imported oil and if there was a drop, fuel retailers would be expected to lower prices at the pump or face unspecified punative action.