Domestic fuel prices have risen by 70 to 80 per cent, depending on the type, over the past seven months, and the price of octane 95 Ron is increased to K1,160 per liter, according to fuel stations.

The fuel prices of September 9 are as per following: K1,160 per liter for 95 Ron, K1,140 per liter for 92 Ron, K1,115 per liter for premium diesel and K1,110 per liter for diesel, according to fuel stations.

On February 2, the fuel prices are as per following:  K750 per liter for 95 Ron, K625 per liter for 92 Ron, K670 per liter for premium diesel and K660 per liter for diesel, according to figures released by the Myanmar Petroleum Trade Association (MPTA).

For more than seven months, the domestic fuel prices are increased by K410 per liter for 95 Ron, K515 per liter for 92 Ron (about 80 per cent), K445 per liter for premium diesel (about 70 per cent) and K450 per liter for diesel (about 70 per cent), respectively.

Myanmar imported around six million tonnes of fuel annually, according to the Ministry of Commerce.

In the first seven months of the current fiscal year, Myanmar imported just US$ 1.2 billion worth of 2.7 million tonnes of fuel, down more than one million tonnes from the same period last year, according to an official from the ministry.

In the first seven months of the current fiscal year, fuel imports fell by 1.002 million tonnes, reduced in value of US$ 663.347 million from a year earlier.

During that period, 1.66 million tonnes of diesel was imported, valued at US$ 721.173 million. It was down to more than 650,000 tonnes, down more than US$ 430 million from the same period last year.