Local fuel prices decline, 92 reaches below K1,700 per litre

The local fuel prices decline and 92 Octane reaches below K1,700 per litre, according to the market.
On 22 June, it was K2,275 per litre of 92, K2,375 per litre of 95, K2,720 per litre of premium diesel and K2,690 per litre of diesel in the Yangon market. On 23 July, it was K1,665 per litre of 92, K1,715 per litre of 95, K2,110 per litre of premium diesel and K2,050 per litre of diesel.
Therefore, the fuel prices drop between K610 and K660 per litre within one month.
The prices decline as the prices of Singapore-based Mean of Platts Singapore (MOPS) drop. Currently, the Supervisory Committee on Import, Storage and Distribution of Fuel Oil conducts measures to ensure fuel shortages and price stability.
Moreover, the Petroleum Products Regulatory Department released the daily fuel reference prices of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil. The reference prices are based on Singapore’s daily MOPS prices including transportation charges, premium insurance, tax, production costs and profits and released by adding fair prices for Yangon and other regions/states on a State-run daily paper, media, departmental Facebook page and website starting 4 May.
The country produces only 10 per cent of the fuel needs and the other 90 per cent is imported and so the local fuel prices are changing depending on the international prices. The government maintains to receive fair prices without affecting the importers and consumers and distributes the fuel at fairer prices compared to the regional countries.
In other countries, they have higher fuel prices than Myanmar as they colect higher tax rates. The Malaysian government grants subsidies and so it saves about 60 per cent of Myanmar. Every country has its own fuel policies and Myanmar also sets policies with a low tax rate for its citizens to buy fuel at fairer prices. — NN/GNLM