The CBM sold an additional US$16 million in the foreign currency market on January 5, announced the Central Bank of Myanmar (CBM).

The CBM has sold nearly 13 million dollars in the foreign currency market and provided a SWAP facility to the Chinese yuan equivalent to four million dollars, it announced.

On January 1, 2024, the CBM sold US$12.93 million in the foreign currency market and provided a SWAP facility to the Chinese yuan equivalent to four million dollars.

In 2023, the CBM sold US$9.72 million on December 18 and US$12.43 million on December 21 for companies that import fuel, it said.

According to the Ministry of Energy, fuel oil from Thilawa port is being distributed to states and regions using a permit, and it is planned to withdraw the online permit system.

Chairman of the Fuel Import, Storage and Distribution Supervisory Committee, Deputy Minister for Energy U Thant Zin said during the visit to the fuel storage stations in Thilawa Port that the system of manually taking out permits for oil bowsers would be transformed to an online system, and the software pepf system should be installed and used to supervise and monitor the status of the purchase and consumption of fuel oil. There is no spillage of fuel oil during fuel loading and unloading and to ensure that the fuel oil can be maintained and distributed with full quality.

In the past, when loading fuel from Thilawa, the fuel quotas obtained by gas stations were loaded from designated terminals and transported to states and regions and sold in shops. Now, the fuel is being transported to states and regions by an online permit system.

Currently, there is a lot of queuing in fuel shops in Nay Pyi Taw, Yangon, Mandalay and some regions and states. People are worried and are buying more than their normal consumption due to rumors that the price will increase and there will be a fuel shortage soon, said U Than Zaw, Secretary of the Fuel Import, Storage and Distribution Supervisory Committee.

Also, the fuel that has been purchased by Myanmar is being loaded onto oil tankers, and there are oil tankers that are still arriving after being loaded with oil. There is a continuous process of purchased fuel oil for Myanmar and loaded it onto oil tankers, transportation by road, waiting in the estuary of Myanmar and taking berths in ports, said U Than Zaw.