Local fuel price hikes continue

Writer: 
EMG reporter

Local fuel prices have increased by over 21 percent in over four months as dollar and global oil prices increase again, according to local petrol stations.

On Wednesday in the local market, maximum prices fixed by Myanmar Fuel Oil Importers and Distributers Association were K1,095 for one liter of diesel (K4,978 per gallon), K1,105 for one liter of premium diesel (K5,023 per gallon), K1065 for one liter of 92 Ron octane (K4,841 per gallon) and K1,115 for one liter of 95 Ron octane (K5,068 per gallon).

In comparison with the prices on June 3, prices have increased by 20.32 percent for diesel, 19.45 percent for premium diesel, 21.02 percent for 92 Ron octane and 19.89 percent for 95 Ron octane.

Since the second week of October in 2017, oil prices per barrel have significantly increased with US$49 in early August, US$51 in early October,  US$55 in early November, US$58 in early December, US$61 in early January this year, US$64 in early February, US$68 in late April, US$72 on May 21, and US$74 on July 10.

The price decreased to US$69 on August 7 and US$65 on August 20. But it increased again to US$67 on September 10, US$70 on September 21, US$73 on October 1, US$76 on October 3 and US$74 on October 10.

Exchange rate had increased sharply since June. Myanmar kyat against US dollar was valued at K1,346 on June 11 and the value reached record high with K1,650 on September 20.

Oil importers said local fuel price rates changed depending on global price rates and foreign exchange rate.

According to the prices of a barrel of oil from abroad announced by Myanmar Oil Importers and Distributers Association on October 9, MPOS prices are US$91.10 for 92 Ron, US$93.52 for 95 Ron, US$98.82 for diesel and US$99.81 for premium diesel.   

On April 1, 2016 in local market, prices were K500 for one liter of diesel (K2,270 per gallon), K540 for one liter of premium diesel (K2,451 per gallon), K550 for one liter of 92 Ron octane (K2,497 per gallon) and K650 for one liter of 95 Ron octane (K2,915 per gallon).

In comparison with prices on October 10 this year, in about 30 months, prices have increased by 119 percent for diesel, 105 percent for premium diesel, 94 percent for 92 Ron octane and 72 percent for 95 Ron octane.