Fuel oil prices down over K100 per litre

The prices of fuel oil decreased by K100 per litre within two days, according to the fuel oil market.
On 4 January 2023, the prices of fuel oil were K2,095 per litre for Octane 92, K2,160 for Octane 95, K2,360 for diesel and K2,440 for premium diesel.
On 6 January, the prices declined to K1,945 per litre for Octane 92, K2,010 for Octane 95, K2,230 for diesel and K2,310 for premium diesel. The figures indicated a decrease of K130-K150 per litre depending on the types of oil within two days.
The domestic fuel prices are following the increase in price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.
Consequently, the prices touched a high of K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,245 for diesel and K3,330 for premium diesel in late August.
The committee is steering the oil sector effectively to ensure adequate supply in the domestic market and price stability for energy consumers.
The committee is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate is set on the MOPS’s price assessment, shipping cost, profit margin, premium insurance, tax and other general costs.
The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily covered on the state-run newspapers and are posted on the media and official website and Facebook page of the department on a daily basis starting from 4 May. — NN/EMM