WITH oil prices fluctuating in the global market amid tensions in the Middle East and the escalating U.S.-China trade war, the prices of fuel in the domestic market have been on the increase, according to fuel traders.
Oil prices seesawed in the global market over the past week, with the price of Brent crude oil rising yesterday to US$72.92 per barrel, while WTI crude was priced around $63 a barrel. Oil prices reached their highest level in the first five months of this year, showing an increase of 18-34 per cent, depending on the quality of oil, according to fuel stations. On 20 May, Octane 92 was priced at K850-900, Octane 95 at K920-970, diesel at K1,000, and premium diesel at K1,020, according to the Myanmar Petroleum Trade Association. Last year, tracking the increase in global crude oil prices and the weakening of the Kyat against the US dollar, domestic oil prices hit a high, with Octane 92 priced at K1,065, Octane 95 at K1,115, diesel at K1,085, and premium diesel at K1,105 on 10 October, 2018.
Thereafter, domestic oil prices touched a low, with Octane 92 reaching K695, Octane 95 priced at K760, diesel at K870, and premium diesel at K875 on 1 January, according to the local oil market.
Ninety per cent of fuel oil in Myanmar is imported, while 10 per cent is produced locally. Myanmar imports 200,000 tons of gasoline and 400,000 tons of diesel every month, primarily through Singapore. There are 2,000 fuel stations and 50 oil importers in Myanmar. — GNLM (Translated by Ei Myat Mon)
