Fuel prices set for week-long high in domestic market

The prices of fuel oil in the domestic market have been on an upward trend for a week, according to the statistics released by the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil on a daily basis.
From 12 January 2023, the prices have been moving onwards. The prices stayed elevated at K2,155 per litre of Octane 92, K2,255 for Octane 95, K2,435 for diesel and K2,515 for premium diesel on 18 January 2023.
The volatile price affected the taxi drivers. The taxi drivers are struggling to pay for the hire of the taxi to the owners to keep the taxis.
“It is hard for the taxi driver to raise the fare to the passengers. Meanwhile, other Octane-fueled taxi drivers cannot push the price up as there is a competitive market with gas-fuelled taxi drivers. The CNG drivers have a problem with long queues but the gas price is cheaper. So, they can offer a more affordable rate to the passengers, a taxi driver Ko Win Htut told the Global New Light of Myanmar (GNLM).
The committee issues the wholesale reference prices for Yangon, Mandalay and other regions and states daily.
Actions will be taken against those retailers of fuel stations under the Essential Supplies and Services Law if they are found overcharging rather than the set reference rate, price manipulation and excess storage for price gouging, the committee notified. — TWA/EMM