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May 25, 2020

Domestic oil prices extending its drop on weak global cues

Domestic oil prices have continued sliding on the back of falling prices in the global markets amid COVID-19 concerns.
“Domestic oil prices have been on the decline since 10 January 2020 owing to a fall in global oil prices. At present, the prices showed a sharp drop” said traders.
On 8 January 2020, oil prices were pegged at around K905 per liter for Octane 92, K995 for Octane 95, and K985 for diesel and premium diesel. On 22 March 2020, the price of Octane 92 drastically fell to K399-470, Octane 95 to K540-600, diesel to K530-570, and premium diesel to K540-580 per liter, according to the domestic oil market.
Meanwhile, in the global markets, oil prices remarkably dipped to US$29 per barrel for Brent oil and $22.63 per barrel for WTI crude oil.
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.
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 $600 million over the past two months of the current fiscal year, according to the Ministry of Commerce.
Myanmar mostly imports fuel oil from Singapore, with monthly volumes touching 200,000 tons of gasoline and 400,000 tons of diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar.—Ko Htet (Translated by EMM)

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