Local fuel prices have increased by around 11 percent over the past three months with Ks4,449 for a gallon of 92 Ron octane, 4,674 for 95 Ron, K4,585 for diesel and K4,630 for premium diesel, according to local filling stations.
The prices have reached record highs, and they are maximum prices already set by Myanmar Fuel Importers and Distributors Association.
Since the second week of October last year, global oil prices have significantly increased. The price of one barrel of oil in the global market reached around US$69 on September 3 this year.
Since then, the price has been fluctuating in global market. The price was around US$49 in earlier August last year, US$51 in October, US$55 in November, US$58 in December, US$61 in January this year, US$64 in February, US$68 in April, US$72 on May 21, US$74 on July 10, US$69 on August 7, US$65 on August 20 and over US$70 on August 30.
Foreign currency exchange rates in Myanmar has been sharply increasing since June this year. The value of Myanmar kyat for one US dollar reached Ks1,346 on June 11, Ks1,570 on August 16 and Ks1,540 on September 3.
Fuel importers say that local fuel prices vary depending on global prices, foreign exchange rate and transportation charges.
In comparison with prices in a ten days' period of July, global oil prices decreased by over 6 percent but dollar price increased by over 16 percent in two months.
According to a statement released by Myanmar Fuel Importers and Distributors Association on August 31, MOPS prices for one barrel of oil purchased from foreign countries were US$86.06 for 92 Ron octane US$88.22 for 95 Ron octane, US$91.75 for diesel and US$92.37 for premium diesel.
The local fuel prices on April 1, 2016 were Ks2,270 per gallon of diesel, K2,451 per gallon of premium diesel, Ks2,497 per gallon of 92 Ron octane and Ks2,951 per gallon of 95 Ron octane. In about 30 months since then, diesel price increased by 102 percent, premium diesel price by 89 percent, 92 Ron octane price by 78 percent and 95 Ron octane price by 58 percent.