Diesel price slashes K120/litre as Octane 92 falls below K2,000 mark

On 12 October in the Yangon retail fuel market, the price of diesel dropped by K120 per litre compared to the price on 10 October, and Octane 92 fell below K2,000 per litre, according to fuel prices.
Although the price of Octane 92 plummeted under K2,000 per litre on 7, 8, and 9 October, the price went up above K2,000 on 10 and 11 October. However, the price dropped back to below K2,000 on 12 October.
A litre of diesel was priced at K2,225 on 7, 8, and 9 October, K2,310 on 10 October, and fell to K2,295 on 11 October and K2,190 on 12 October.
It is reported that the rate of foreign crude oil rose slightly from US$83 per barrel on 6 October to $85.87 on 9 October.
The authorities are selling dollar currency for the import of edible oil and fuel. Singapore’s MOPS price changes weekly on Monday evening. Based on the new fuel prices, domestic wholesale and retail reference fuel prices are notified through national newspapers every Tuesday.
Since there was no new oil price in Singapore on Saturday and Sunday, the price of domestic fuel did not change on Saturday, Sunday, and Monday. The reference price of fuel oil changes five times a week, and the reference price of edible oil changes only once on Monday.
It is easy to purchase fuel according to the retail reference prices in the domestic fuel market. Thus, the drop in diesel price, which is commonly used in freight transportation, is more than the drop in octane between 10 and 12 October. — TWA/CT