With oil prices continuing to fall in the global market on the back of the escalating trade war between US and China, domestic oil prices remained below K1,000 for one litre in the end of May and early June, according to the local oil market.
The price of brent crude oil decreased to US$61.05 per barrel yesterday, while WTI crude was priced around $52.94 a barrel in global oil markets.
On 29 May, Octane 92 was priced at K840 per litre, Octane 95 at K875, diesel at K925, and premium diesel at K940, according to the Myanmar Petroleum Trade Association. On 2 June, the domestic prices stood at around K880 for Octane 92, K950 for Octane 95, K965 for diesel, and K975 for premium diesel.
With the increase in global crude oil prices and the weakening of the Kyat against the US dollar, oil prices had hit a high of K1,065 per litre for Octane 92, K1,115 for Octane 95, K1,085 for diesel, and K1,105 for premium diesel on 10 October, 2018.
Thereafter, domestic fuel prices touched a low of K695 for Octane 92, K760 for Octane 95, K870 for diesel, and K875 for premium diesel on 1 January. The prices then surged to above K1,000 per litre in April and plunged to below K1,000 per litre in May, according to the local oil market.
Myanmar imports 90 per cent of its fuel oil, while 10 per cent is produced locally.
The country gets fuel oil primarily through Singapore, with monthly imports of 200,000 tons of gasoline and 400,000 tons of diesel. There are 2,000 fuel stations and 50 oil importing companies in Myanmar. — GNLM
(Translated by Ei Myat Mon)