Yangon sees sharp increase in fuel prices amid rising demand

Yangon sees sharp increase in fuel prices amid rising demand
Published 20 August 2024

Fuel is now available at gas stations in Yangon, with only a few vehicles queuing, but the cost of gasoline has surged to over Ks 3,000 per liter, according to drivers in Yangon region. 

On August 19, fuel prices in Yangon were recorded at 2,990 kyats per liter for 92 Ron, 3,210 kyats for 95 Ron, 3,115 kyats for premium diesel, and 2,620 kyats for diesel. 

Just two days earlier, on August 17, the prices were slightly lower at 2,900 kyats per liter for 92 Ron, 3,045 kyats for 95 Ron, 2,560 kyats for diesel, and 3,115 kyats for premium diesel.

This represents an increase of more than 100 kyats per liter for gasoline and over 60 kyats for diesel within a day.

"Fuel prices are rising now. All gas stations are selling four types of gasoline, and there are only a few vehicles queuing, so the wait time is short," said a taxi driver in Yangon.

Earlier, starting on August 12, hundreds of vehicles lined up at gas stations across Yangon, but the number of waiting vehicles has decreased since August 17. 

The steady rise in fuel prices began on August 16.

 On August 15, fuel was sold at 2,750 kyats per liter for 92 Ron, 2,890 kyats for 95 Ron, 2,450 kyats for diesel, and 2,945 kyats for premium diesel. 

Due to a lack of fuel on August 15, some private schools were unable to provide transportation for students, prompting parents to take on the task themselves, according to reports.

Most gas stations are now limiting fuel purchases to Ks 50,000 per vehicle. 

The Fuel Import, Storage, and Distribution Supervisory Committee announced on August 1 that ongoing flooding has delayed operations at the terminals in Thilawa Special Economic Zone (SEZ), though there is no fuel shortage at the terminals.

Since mid-July, torrential rains have caused flooding in some states and regions, leading to delays at Thilawa SEZ terminals. 

To prevent fuel shortages before the arrival of fuel tankers, the Ministry of Energy has implemented urgent plans to supply fuel to the stations.

Concerns about temporary fuel shortages in Myanmar have grown, especially as many displaced people from conflict-affected regions have moved to Yangon, increasing demand in the major cities, according to the committee.