Local fuel prices are continuing to rise with an increase of up to K50 per liter in ten days although global oil price decreases to around US$58 per barrel, according to local filling stations.

Global oil price jumped to US$76 per barrel on October 3, 2018. Then the price was down to around US$42 on December 24. This year, the price increased again to US$54 on January 21, US$52 on January 29, US$60 on March 20, US$64 on April 16, and US$66 on April 23. The prices decreased to US$51 on June 12 and increased to US$60 on July 10. Then, the price decreased to US$51 on August 7 and increased to around US$62 on September 16. It decreased again to US$58 on September 24.

Local fuel prices increased by K160 to K255 per litre in nearly six months from January to May this year accounting for 18 percent to 36 percent. Then the prices were down 11 percent to 14 percent from May 30 to June 21. From June 21 to July 19, the prices increased again by 11 percent to 14 percent. The prices decreased by 3 percent to 5 percent from July 19 to August 10. As from August 15, local fuel prices increased a little.

On September 24 in local market, maximum prices available at local filling stations were K960 for one liter of diesel (K4,364 per gallon), K970 for one liter of premium diesel (K4,409 per gallon), K865 for one liter of 92 Ron octane (K3,932 per gallon) and K955 for one liter of 95 Ron octane (K4,341 per gallon). The prices increased by K80 per liter compared to those on August 14 and K50 per liter compared to those on September 15.

In 11 months this fiscal year, Myanmar imported over 4.9 million tons of fuel worth over US$2.9 billion, falling by over 480,000 tons worth over US$380 million compared to the same period of last fiscal year.