Some drivers rush to fill tanks at petrol stations at night tracking int’l oil prices

A car is seen filling fuel oil at the petrol station.

Some drivers closely observe the international oil prices and urgently fill their tanks at 8 pm before the price hike.
Truck drivers buy the diesel and share information on possible price increases with fellow drivers. When they are certain about a price hike the next day, they fill their tanks before the new price is set, U Kyee Maung engaged in highway freight forwarding service told the Global New Light of Myanmar (GNLM).
The authorities issued the daily prices of the fuel oil. The prices in the domestic market are positively related to the international prices which can be traced at 7 pm Some stations change the price at 8 am when the price declines. Therefore, some customers purchased the oil at a high price before the price change.
The daily reference price for wholesale and retail oil prices was published through the daily state-run newspapers and posted on the official Facebook Page at 5 am The energy consumers had better keep up with the international market prices and the possible reference price changes, Ko Hla Tun, a car owner from Latha Township, told the GNLM.
The price gap of the reference price is around K50 per litre and K200 per gallon. As trucks consume more than 20 gallons per trip, the price gap is over K4,000. When we see the price gap of K100, it causes an additional cost of K8,000 per 20 gallons.
As a result of this, energy consumers are closely observing the market to forecast the price.
The price of diesel decreased to K1,970 per litre on 7 August 2022 and then climbed to K3,225 per litre on 26 August. Similarly, the price of Octane 92 sharply increased to K2,495 from K1,615 per litre. The figures indicated a sharp increase of K1,255 per litre of diesel and K880 per litre of Octane 92.
The fuel prices were K2,080 per Octane 92, K2,180 per Octane 95 and K2,595 per diesel on 18 November. The prices stood at K2,040 per litre of Octane 92, K2,140 per litre of Octane 95 and K2,505 per litre of diesel on 19-21 November. At night on 18 November, international oil prices dip. Therefore, some consumers have already speculated about the price decrease on 19 November.
The price is down by K40 per litre of Octane and K90 per litre of diesel. The GNLM quoted Ko Thein Lwin, a truck driver, as saying that he noticed filling tanks when the price remarkably declined. Customers should be aware of the daily price changes to reduce the cost of fuel.
Only a small number of customers have a chance to buy palm oil at the reference price. The majority of them are paying higher in the markets. Fuel oil is only related to a handful of people unlike having public access to palm oil reference prices. The related institutions are still giving guidelines to the shops to make gold transactions at the reference price. — TWA/GNLM

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