CBM sells $160 mln for fuel oil sector

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One of the petrol stations in Yangon.

The Central Bank of Myanmar (CBM) has sold US$165.62 million for the fuel oil sector, according to the Consumer Affairs Department.
Between 15 September 2021 and 4 February 2022, $147.90 million were sold to the oil-importing companies at the CBM’s reference rate, while the Central Committee on Ensuring Smooth Flow of Trade and Goods directly sold $7.72 million for the oil industry and $10 million to Myanmar International Freight Forwarders Association.
The CBM sold those foreign currencies multiple times at the exchange rates of K1,753 in minimum and K1,820 in maximum.
Additionally, the Ministry of Commerce in coordination with the Myanmar Petroleum Trade Association carried out a scheme to distribute fuel oil at a fairer rate through the government-sponsored petrol station chains starting from 22 September 2021. The total volume of fuel oil that are sold at very cheap rates is equivalent to the amount that the oil importers directly purchased the foreign currency from the CBM.
The companies imported $147.90 million worth of 226 million litres of fuel oil. Of them, over 224 million litres have been distributed so far and over a million litres are left for sales, said an official of the Consumer Affairs Department.
Those oils have to be sold at the reference rate set by the Petroleum Products Regulatory Department.
The consumers can complain about overcharging for fuel oil which is sold at the subsidized rate under the public distribution system, the Ministry of Commerce stated.
If any overcharging is found, the consumers can complain about it through the Central Committee, Consumer Affairs Department and Myanmar Petroleum Trade Association.
Following the crude oil price rally in the global market and Kyat depreciation against US Dollar at over K2,000, the oil prices hit a peak of K1,830 per litre for diesel, K1,845 for premium diesel, K1,855 for Octane 92 Ron and K1,930 for Octane 95 Ron.
The fuel oil was pegged at around K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in the domestic retail market, while the exchange rate stood at K1,330 then.
Therefore, Myanmar Petroleum Trade Association is offering special prices for those fuel oil in the regions and states. The special price of fuel in Yangon on 16 March stood at K1,613 per litre for premium diesel and K1,549 per litre for diesel.
Normally, Myanmar yearly imports 6 million tonnes of fuel oil from external markets, the Ministry of Commerce stated. — NN/GNLM

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