- Japanese Prime Minister attends Myanmar-Japan Economic Forum
- ACE Group to open representative office in Yangon
- EU not allows Chinese grasshoppers exploiting GSP for Myanmar
- Service centre for BMW cars to be opened in Yangon
- Sumitomo, NEC, NTT to build telecom network in Myanmar
- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
Fuel import volume declines in Myanmar this year
Published on Monday, 19 November 2012 05:48
A vessel loaded with fuel is seen in Mudon. (Photo-EMG)
Myanmar’s fuel import volume fell by 125,000 tonnes this year, resulting in a loss of 15 billion kyats in revenue, according to the trade statistics.
The fuel import volume from April 1 to the end of October for 2012-2013 was 1.02 million tonnes whereas during the same period last year, it was 1.145 million tonnes.
The government earns revenue of 450-500 kyats for one gallon. As a result of the lower sales, the government will lose revenue of about 15 billion kyats.
Diesel imports fell 170,000 tonnes this year. Unofficial diesel imports are being seized. As a result, instead of diesel, gasoline is being imported illegally, the sources said.
Fishing boats and cold storages are run on fuel. In the past, fuel was not imported officially into Kawthoung and Myeik. But, fuel was always available in these places since then.
More cars are now being imported into the country as the government introduced the overage car substitution programme in May. The Ministry of Commerce issued car import licences for 90,448 cars up to early November.
According to the licences the ministry issued, 58,495 are for sailors, 6,279 for companies and 25,674 for individuals.
If the number of cars increases, the fuel consumption will be high as well and official fuel imports will also rise. On the contrary, official fuel import was lower when compared with last year.
The government should take effective action against those who import fuel illegally so that it can protect the interests of the companies importing fuel with official licence.
“The companies unofficially importing fuel into the country are many. It is true that Shwe Thanlwin is not the only one,” said a Mawlamyhine local, who is aware of companies importing fuel illegally.