Phnom Penh, April 15 : Retail fuel prices in Cambodia have declined further after the United States and Iran agreed to a two-week ceasefire, the Ministry of Commerce said.

In an announcement, the ministry said a litre of regular gasoline is priced at 5,100 riels (about 1.28 US dollars) from this Wednesday until the next notice, down 1.9 per cent from 5,200 riels (about 1.3 dollars) in the past five days.

Diesel now costs 6,400 riels (about 1.6 dollars) per litre, down 7.24 per cent, while the price of Liquefied Petroleum Gas is unchanged at 3,900 riels (about 0.97 dollars) per litre.

Cambodian Prime Minister Hun Manet said last Saturday that the General Department of Customs and Excise has subsidised about 50 million dollars a month through the reduction of import duties and taxes to minimise the impact of rising fuel prices.

Earlier on April 10, in an announcement, the Ministry of Commerce announced that a litre of regular gasoline costs 5,200 riels (1.3 US dollars) until the next notice, down 5.4 per cent from 5,500 riels (1.37 dollars) in the past three days.

Diesel is now priced at 6,900 riels (1.73 dollars) per litre, down 15.8 per cent from 8,200 riels (2.05 dollars), the announcement added.

Meanwhile, the price of Liquefied Petroleum Gas is flat at 3,900 riels (0.97 dollars) per litre.

The General Department of Customs and Excise of Cambodia said on Wednesday that it has subsidised about 47 million US dollars a month to minimise the impact of rising fuel prices caused by the Middle East conflict.

The subsidies have been made through the reduction of import duties and taxes on oil and gas, and the reduction of import duties on electric vehicles, passenger plug-in hybrid electric vehicles, electric stoves, and solar-powered devices.

The Southeast Asian country entirely relies on imported petroleum and diesel, as its seabed's oil reserves have not been exploited yet.

/IANS