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Domestic fuel prices drop K20 per litre in three weeks

LOCAL NEWS

Domestic fuel prices have dropped K 20 per litre in three weeks, according to the domestic fuel oil stations.
On 2 August, oil prices were fixed at around K1,095 per litre for diesel, K1,105 per litre for premium diesel, K1,145 per litre for Octane 92 and K1,215 for Octane 95.
The fuel oil was dropped to K1,075 per litre for diesel, K1,085 per litre for premium diesel, K1,125 per litre for Octane 92 and K1,195 for Octane 95 on 21 August in the domestic retail market. The fuel oil price has declined by K20 per litre after three weeks,
Domestic oil price is definitely related to the dollar value. The domestic fuel price dropped down as US dollar depreciated.
The current dollar exchange rate is K1,663 per dollar in the domestic exchange market. On 17 August, the market foreign exchange rate of US dollar against Myanmar kyat has reached an all-time high, registering K1,800 per dollar. Myanmar imports around 6 million tonnes of oil per year, according to the Ministry of Commerce.
The imports are mainly from Singapore.
The country imported 2.7 million tonnes of fuel worth U$S 1.2 billion in the first seven months of this FY. This FY saw a decrease of 1.002 million tonnes worth $ 663.347 million compared to the same period that of last FY.
During the same period in this FY, 1.66 million tonnes of diesel worth $721.173 million were imported, declining by over 650,000 tonnes worth over $43 0 million when compared to last FY.
Likewise, over 1 million tonnes of petrol worth $536.113 million were imported, declining by over 350,000 tonnes worth over $227.187 million. Normally, Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tonnes for gasoline and 400,000 tonnes for diesel.
There are about 2,000 fuel stations and over 50 oil importer companies in Myanmar, the Myanmar Petroleum Trade Association stated.
Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.—NN/GNLM

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