Local fuel oil prices have decreased by 17 percent to over 32 percent over the past two months due to decreasing global oil prices and slight fluctuation in dollar price, according to local filling stations.
Local fuel prices have fallen to K720 for one litre of 92 Ron octane, K800 for one litre of 95 Ron octane, K900 for one litre of diesel and K915 for one litre of premium diesel.
When global oil prices got high and dollar price appreciated, local fuel prices increased continuously with a 21 percent hike in four months from June to October this year. At that time, one litre of 92 Ron octane was priced K1,065, one litre of 95 Ron octane K1,115, one litre of diesel K1,095 and one litre of premium diesel K1,105.
Since the second week of October in 2017, oil prices per barrel had 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 and US$76 on October 3. The price decreased to around US$42 on December 24.
On December 25 in local market, maximum prices fixed by Myanmar Oil Importers and Distributers Association were K900 for one liter of diesel (K4,086 per gallon), K915 for one liter of premium diesel (K4,131 per gallon), K720 for one liter of 92 Ron octane (K3,268 per gallon) and K800 for one liter of 95 Ron octane (K3,632 per gallon).
In comparison with prices on October 10 this year, in two and a half months, prices have decreased by 18 percent for diesel, 18 percent for premium diesel, around 32 percent for 92 Ron octane and around 28 percent for 95 Ron octane.
