Local fuel prices spike by around 30 percent in 3 months

Local fuel prices spike by around 30 percent in 3 months
Published 28 April 2021
Zayyar Nyein

According to local fuel stations, prices have increased by around 30 percent overall from around Ks 250 to Ks 300 per litre.

According to the Myanmar Petroleum Trade Association (MPTA), prices on February 3 are as follows; disel went for Ks 660 per litre, Ks 670 per litre for premium disel, Ks 620 for per litre for Octane 92 Ron, Ks 750 per litre for Octane 95 Ron. 

On April 27, the prices became Ks 920, Ks 930, Ks 920, Ks 1005 respectively, bringing the increase for disel to 28 percent, 92 ron at 32 percent and 25 percent for 95 Ron.

According to an official from the commerce ministry, Myanmar imports around 6 million tonnes of fuel per annum. In the first one-and-a-half-month of the 2020-2021 fy, around 450 thousand tonnes of fuel was imported for over 160 million USD, a drop of over 180 million USD compared to the same period in the previous fy. 

In the 2020-2021 fy, a total of 449,373 tonnes of fuel were imported between October 1 to November 13 for US 165.918 million dollars. In the previous fiscal year, despite importing 700 thousand more tonnes, around 500 million dollars were discounted as fuel prices were low. 

In 2019-2020 fy, 2.666 billion dollars worth of fuel over 6 million tonnes were imported. In 2018-2019, 5.3 million tonnes of fuel import cost around 3.165 billion dollars.