Domestic fuel prices rise by K40-65 per litre in 10 days

Domestic fuel prices have increased by K40 to K65 per litre in 10 days, according to local filling stations.
On 31 August in the local market, the price available at local filling stations were K1,100 per litre of diesel, K1,110 per litre of premium diesel, K1,150 per litre of 92 Ron octane and K1,220 per litre of 95 Ron octane.
Then, the price rose to K1,165 per litre of diesel, K1,175 per litre of premium diesel, K1,190 per litre of 92 Ron octane and K1,260 per litre of 95 Ron octane on 9 September.
Myanmar Kyat deprecation also affects the domestic fuel oil price. Kyat is weakening in the local foreign market, with around K1,800 per dollar.
Myanmar imports around 6 million tonnes of fuel 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$S1.2 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 $430 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