Domestic oil prices rise by K20 per litre

LOCAL NEWS

The domestic fuel oil price, which has been stable for three months, is rising by K20 per litre on 13 August. The price of fuel oil has been stable, starting from 22 July. However, the Yangon fuel oil stations charged K540 per litre for Octane 92, K650 for Octane 95, K590 for diesel and K600 for premium diesel on 13 August.
“The domestic oil price is directly related to the price prevailing in the global fuel oil market. The price of global fuel oil is also rising in the global market,” said a local pump man from a fuel oil station. On 13 August, the price of global fuel oil stood US$43 per barrel, which is an increase of $15 per barrel in two months. The domestic oil prices significantly dropped from January to May. The prices of fuel oil were reportedly rising again in June. Myanmar imports 90 per cent of fuel oil and produces the remaining 10 per cent locally.
Myanmar imports fuel oil primarily from Singapore with the monthly volume touching 200,000 tonnes for petroleum and 400,000 tonnes for diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar. The ministry has already issued licences for the opening of 2,704 fuel oil stations across the country including 95 fuel oil stations in Union Territory, 188 stations in Yangon, 658 in Mandalay, 213 in Ayeyawady Region, 271 in Bago Region, 196 in Magway Region, 245 in Sagaing Region, 30 in Taninthayi Region, 121 in Kachin State, 18 in Kayah State, 53 in Kayin State, 5 in Chin State, 138 in Mon State, 38 in Rakhine State, 58 in eastern Shan State, 195 in northern Shan State and 182 in southern Shan State. —Aye Maung (Translated by Hay Mar)

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