10 Jan

Domestic oil prices have been on the rise and have hit a fresh peak in spite of the Kyat gaining against the US dollar, according to traders.

Global oil prices are highly volatile at present due to tensions between the US and Iran. Brent crude oil fluctuated around US$63-68 per barrel levels over the last two days in the global oil markets.

At present, Octane 92 is pegged at K905, Octane 95 at K995-1,000, diesel at K985, and premium diesel at K995-1,000 per liter, according to the domestic oil market. Oil prices have jumped by K30 within a month, said traders.

On 10 October, 2018, due to an increase in global crude oil prices and the weakening of the Kyat against the US dollar, oil prices had touched a high of K1,065 per liter for Octane 92, K1,115 for Octane 95, K1,085 for diesel, and K1,105 for premium diesel.

On 1 January, domestic fuel oil prices touched a low of K695 for Octane 92, K760 for Octane 95, K870 for diesel, and K875 for premium diesel.

Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.

Myanmar has imported about one million tons of diesel and petrol worth nearly US$600 million over the past two months of the current financial year, according to the Ministry of Commerce.

Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tons for gasoline and 400,000 tons for diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar.—Ko Khant (Translated by Ei Myat Mon)