Fuel prices hit the record within three-month time

Writer: 
Sithu Aung

Fuel prices have increased over 12 per cent for more than three months, peaking at Ks4,494 per gallon for 92 Ron, Ks4,676 per gallon for 95 Ron, Ks4,585 per gallon for diesel and Ks4,630 per gallon for premium diesel, according to fuel stations.

In the local market, fuel retail prices fixed by Myanmar fuel oil import and distribution association are Ks1,010 per liter (Ks4,585 per gallon) for diesel, Ks1,020 per liter (K4,630 per gallon) for premium diesel, Ks990 per liter (Ks4,494 per gallon) for 92 Ron and Ks1,030 per liter (Ks4,676 per gallon) for 95 Ron on September 11. It is increased to 10.98 per cent for diesel, 10.27 per cent for premium diesel, 12.5 per cent for 92 Ron and 10.75 per cent for 95 Ron in compared with the fuel prices in June 3.

Global oil prices reached to US$74 per barrel on July 10 2018 and declined to US$65 per barrel on August 20. It now reached to nearly US$68 per barrel on September 11.

Exchange rate increased significantly from June. It reached to K1,570 per US$ on August 16 and around K1,568 per US$ on the afternoon of September 11. The exchange rate was only K1,346 per US$ on June 11.

Fuel importers said the local fuel prices are changed depending on global oil prices, exchange rate and transportation expenses. Global oil prices are decreased to over six per cent in compared with the fuel prices on July 10 and exchange rate increased to over 16 per cent within over two months.

According to Mean of Platts Singapore (MOPS) prices issued by the Myanmar fuel oil import and distribution association on September 10, fuel prices are US$85.93 per barrel for 92 Ron, US$87.65 per barrel for 95 Ron, US$91.85 per barrel for diesel and US$92.52 per barrel for premium diesel.

Fuel prices in local market are K500 per liter (K2,270 per gallon) for diesel, K540 per liter (K2,451 per gallon) for premium diesel, K550 per liter (K2,497 per gallon) for 92 Ron and K650 per liter (K2,951 per gallon) for 95 Ron on April 1, 2016. The fuel prices are increased to 102 per cent for diesel, 89 per cent for premium diesel, 80 per cent for 92 Ron and 58 per cent for 95 Ron within 30-month time.