October 30, 2016

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Fuel price high in domestic market

The price of fuel increased from 10 per cent to 14 per cent in the domestic market. Photo: Aye Min Soe
The price of fuel increased from 10 per cent to 14 per cent in the domestic market. Photo: Aye Min Soe

THE price of fuel increased from 10 per cent to 14 per cent in the domestic market in October, according to filling stations in Yangon.
The retail price of diesel on 29 October was Ks650 per liter, while a liter of premium diesel went for Ks680, 92 Octane for Ks650 and 95 Octane for Ks705, a local fuel seller said.
The price of one liter of diesel increased by Ks80 (14 per cent) while the price of premium diesel also rose by Ks80 (13.3per cent), 92 Octane by Ks70 (12 per cent) and 95 Octane by Ks 65 (10.15 per cent) compared to the price on 30 September.
The increase of the fuel price is directly related to the growing price of foreign currency. The foreign exchange rate reached Ks1,265 per US dollar on September 30. The price has increased by Ks26 (2%) on 29 October.
The global crude oil price rose to US$49 on 29 October from around $48 on 30 September. Crude oil stayed at above $100 a barrel until June last year.
Local customers can expect declines in the price of diesel, octane and premium diesel.—Kyu Kyu

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