The prices of Octane exceeded diesel in the retail market on 16 March 2023, tracking the positive global cues.
The fuel prices were K2,150 per litre of Octane 92, K2,235 for Octane 95, K2,135 for diesel and K2,215 for premium diesel in Yangon markets. On 16 March, the prices stood at K2,041 per litre of Octane 92, K2,124 for Octane 95, K2,031 for diesel and K2,105 for premium diesel.
The crude oil price plunged to a 15-month low at US$67.55 per barrel.
In August 2022, the oil prices surged to K2,605 per litre for Octane 92 and K3,245 for diesel.
The diesel price is way higher than the Octane price. The price of diesel became lower than Octane on 16 March. The price decrease of diesel will facilitate freight forwarding businesses.
Since May 2015, the Octane price has been cheaper than diesel. In 2008, diesel price was around K300,000 per barrel. The price exceeded K79,000 per barrel on 21 February 2009, Ko Soe Min, a freight forwarder, told the Global New Light of Myanmar (GNLM).
Diesel is primarily used in freight forwarding businesses, generators and machinery. The price drop might save some cost.
Sharp fall in crude oil prices on positive global cues weight on the domestic fuel market as well, and market observers shared their opinions. – TWA/EM