Mawlamyine, 7 October
Domestic fuel slightly decreased in the first week of October, to around 2,000 kyats per liter, fuel suppliers told Than Lwin Times.
Along with the reduction in global oil prices, the prices of oil in Singapore, Myanmar’s largest oil importer, have continued to plummet.
The price of 92 gasoline dropped from more than 2,300 kyats per liter to 1995 kyats, while that of 95 gasoline fell from nearly 2,500 kyats to 2,100 kyats per liter.
Furthermore, the price of premium fuel has declined from around 2,700 kyats to almost 2,400 kyats, while the price of standard diesel has dropped from more than 2,600 kyats to nearly 2,400 kyats.
Due to the drop in fuel prices, most businesses that bought fuel at the highest price are now losing money, said a fuel trader.
He continued to say that if the people can buy as much oil as they need in the midst of the world’s declining fuel prices, the price of fuel can stabilize in the coming months, but the military council will not sell as much as customers want, so the price of oil will continue to change every day.
As the military council controls the entire fuel market, the suppliers cannot buy oil as freely as before and have to sell it according to the price set by the authorities.
The price of fuel in Myanmar was just around 600 Kyats per liter under the NLD government before the coup, but since then, the price has nearly quadrupled, and price volatility persists.
News-Than Lwin Times
Photo-CJ