Domestic fuel prices drop amidst falling international crude oil costs

With the international crude oil price falling, the fuel oil prices have declined in the Yangon market.
The global crude oil price was US$90 per barrel in late September and tumbled to $83 on 5 October, as per crude oil price charts. The fuel oil prices were K1,945 per litre of Octane 92, K2,045 per litre of Octane 95, K2,285 per litre of diesel and K2,325 per litre of premium diesel on 6 October. The prices of Octane remained unchanged on 7 October, whereas diesel prices showed a decrease of K60 per litre.
The fuel prices touched a high of K2,440 per litre of Octane 92 and K2,650 per litre of diesel on 18 September 2023.
The current market values indicated a sharp drop of K495 per litre of Octane 92 and K425 per litre of diesel compared to those registered on 18 September.
Now, the prices were down by K2,250 per gallon (4.54 lire) of Octane 92 and K1,930 for diesel. They can save around K110,000 per 50 gallons of Octane 92 and K96,000 for diesel, a truck driver Ko Tun told the Global New Light of Myanmar.
Diesel prices showed high volatility in the markets in 2022 and 2023. The diesel prices dropped to an eight-month low of K1,450 per litre on 4 May 2023, as per the wholesale reference oil prices’ statistics.
The fuel oil prices weigh on the freight forwarding industry. Freight rate fluctuates on fuel oil prices so the traders and truck operators are closely observing the daily market prices. — TWA/EM