Diesel prices show slight decline

The diesel prices decreased slightly to K2,565 per litre of diesel and K2,610 for premium diesel on 23 February 2024.
The prices stood at K2,595 for diesel and K2,640 for premium diesel on 22 February.
The price index set by Mean of Platts Singapore (MOPS), pricing basis for many refined products in countries of Southeast Asia, influences the domestic fuel prices, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.
With the MOPS’s price index rising, the oil prices hit the highest of K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel in last August 2022.
The committee is steering the market for price stability and fuel oil security in the domestic market.
Under the supervision of the committee, the Petroleum Products Regulatory Department has been issuing daily reference prices to ensure price stability for energy consumers.
The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking actions against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and the energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries. — NN/EM