Phnom Penh, April 18 : Retail fuel prices in Cambodia have dropped further after Iran declared the opening of the Strait of Hormuz, the Ministry of Commerce said.

In an announcement late on Friday (local time), the ministry said a litre of regular gasoline is now priced at 4,950 riels (1.24 US dollars) from this Saturday until the next notice, down 2.9 per cent from 5,100 riels (1.28 dollars) in the last three days.

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

Cambodian Prime Minister Hun Manet said last Saturday that the General Department of Customs and Excise (GDCE) has subsidised approximately 50 million dollars a month to minimise 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.

Earlier on Friday, Iran's Foreign Minister Seyed Abbas Araghchi said that, in line with the truce in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared "completely open" for the remaining period of the ceasefire between Tehran and Washington.

He made the remarks in a post on social media platform X hours after a 10-day ceasefire between Israel and Lebanon took effect following more than a month of deadly escalation between Israel and Hezbollah, which has claimed over 2,000 lives.

Araghchi stressed that vessels can cross the Strait via the previously announced coordinated route announced by Iran's Ports and Maritime Organization.

In reaction to the announcement, US President Donald Trump thanked Iran for the announcement of a full reopening of the Strait of Hormuz.

Iran tightened control over the Strait of Hormuz by denying safe passage to vessels belonging to or affiliated with Israel and the United States after they launched joint attacks on the country on February 28.

The United States has also imposed a blockade on the Strait, preventing ships travelling to and from Iranian ports from transiting the waterway, following the failure of peace talks between the Iranian and US delegations in Pakistan's capital, Islamabad, on Saturday and early Sunday.

/IANS