The fuel price is on the rise in the domestic market despite its decline in the global market. The price of fuel jumped by seven to 10 per cent during a month’s time, followed by the record-high exchange rate of US dollar at Ks1,438 on 16th December.
The fuel price remained on the rise in January, although the US dollar exchange rate decreased a bit compared to last month’s price. The fuel prices on 18th January were Ks690 per liter for diesel, Ks710 per liter for premium diesel, Ks700 for Octane 92 Ron and Ks740 for Octane 95 Ron, according to the petrol stations.
The global crude oil price rose by 13 per cent on 17th Dec when compared to that on 17th Nov 2016, with a price of US$52 a barrel. The price is down a bit in January against the price in December, statistics show.
A total of 126,862.001 tonnes of fuel were imported from 1st to 7th Jan, with 91,654.948 tonnes of diesel and 35,207.053 tonnes of petrol, according to the Commerce Ministry.
The petrol and diesel market is regular in Yangon market. The price of diesel is around Ks3,000 per gallon whereas petrol price is Ks2,800 a gallon in the private retailed market, it is learnt.