PHNOM PENH, April 18 (Xinhua) -- Retail fuel prices in Cambodia have dropped further after Iran declared the opening of the Strait of Hormuz, the Ministry of Commerce said late on Friday.

In an announcement, the ministry said a liter of regular gasoline is now priced at 4,950 riels (1.24 U.S. dollars) from this Saturday until the next notice, down 2.9 percent from 5,100 riels (1.28 dollars) in the last three days.

Diesel now costs 5,700 riels (1.42 dollars) per liter, down 10.9 percent, the announcement added.

Cambodian Prime Minister Hun Manet said last Saturday that the General Department of Customs and Excise (GDCE) has subsidized approximately 50 million dollars a month to minimize the impact of rising fuel prices.

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. ■