Local fuel prices, which had been stable for a month, are on the rise in the market, according to taxi drivers.
On 17 February, fuel prices stood at K700 per liter for Octane 92, K790 for Octane 95, K885 for diesel, and K895 for premium diesel in the Yangon fuel market.
Although fuel prices had been stable since 10 January, the rates have increased slightly beginning 15 February. The price of Octane 92 has increased by K5 per liter this month compared to last month.
“Local fuel prices usually increase during the tour season. Global crude oil price has also increased these days. That’s why, local fuel prices have also risen marginally these days,” said a fuel oil shop owner.
Local fuel prices continuously declined from the end of October to the first week of January 2019. The prices have begun to rise now.
Myanmar imports 90 per cent of its fuel oil, while 10 per cent is produced locally.
The country mainly buys fuel from Singapore, importing 200,000 tons of gasoline and 400,000 tons of diesel every month. There are 2,000 petrol stations and 50 oil importers in Myanmar.
(Translated by Hay Mar)