Fuel prices continue falling in Myanmar

Fuel prices continue falling in Myanmar

A file image of an attendant filling a vehicle at a petrol station in Yangon. Fuel prices have been dropping since the beginning of the year. Photo - EPA

As world oil prices have plunged due to the coronavirus outbreak in January causing a supply glut as the demand slows and Russia and Saudi Arabia are set raise production to grab a greater share of the market and fuel price has decreased by about K400 per litre since the start of 2020.

According to Denko Trading Co Ltd, one of the leading fuel retailers in Myanmar, fuel prices per litre in January were K940 for Octane 92, K1050 for 95, K1090 for premium diesel and K970 for regular diesel.

On 23 March, the prices were K490 for Octane 92, K635 for 95, K575 for premium diesel and K560 for regular diesel.

The price of fuel has been falling for more than a month now and some resellers have been buying more, up to 15 barrels a day, to keep since the prices are low. It has been more than one month that the fuel prices are falling. Currently, the price of Octane per liter is still K510 for a few days. People buy about 15 barrels a day as the prices are falling.

The secretary of Fuel Oil Importers and Distributors Association of Mandalay said “oil prices are expected to continue dropping, making petrol and diesel cheaper so I don’t think people will continue to buy excessively as they wait for prices to get even lower”.

The retail prices of fuel in Mandalay Region on March 23 were K510 for Octane 92, K665 for 95, K595 for premium diesel and K580 for normal diesel.

Source: Myanmar Times

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