Local fuel prices rise K150-235 per litre over four months

LOCAL NEWS

Local fuel prices go up by K150 to K235 per litre over the past four months as the global oil price stood around US$43 per barrel, according to the local filling stations. From 3 May to 27 August 2020, the price of one litre of fuel oil has increased by K235 for Octane 92, K210 for Octane 95 and K150 each for diesel and premium diesel. With the plunging of WTI oil price in the third week of April, the local fuel price has dropped to K550-605 per litre from 8 January to 1 May, according to the local fuel oil market. On 27 August, the fuel oil station charged K585 per litre for diesel, K595 for premium diesel, K535 for Octane 92 and K645 for Octane 95. Myanmar imports 90 per cent of fuel oil and produces the remaining 10 per cent locally. Myanmar imports the fuel oil primarily from Singapore with a monthly volume touching 200,000 tonnes for petroleum and 400,000 tonnes for diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar. —Aye Maung (Translated by Hay Mar)

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