Myanmar imported 4.9 million tons of fuel oil worth US$2.9 billion over the past 11 months of the current fiscal year, according to the Ministry of Commerce.
In the October-August period, the import volume fell by 480,000 tons and the import value dipped $380 million from the corresponding period of the previous fiscal.
During the same period in the 2017-2018FY, the country imported 5.44 million tons of oil, worth over $3.326 billion.
US crude oil prices have risen on the back of a large inventory draw in the global market. Yesterday, brent crude oil price stood at $62.89 per barrel, while WTI crude was priced around $57.9 a barrel in the global oil markets.
In the domestic retail market yesterday, Octane 92 was priced at K750-795, Octane 95 at K840-885, diesel at K850-890, and premium diesel at K860-900, according to the Myanmar Petroleum Trade Association.
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.
On 1 January, domestic fuel oil prices touched a low of K695 for Octane 92, K760 for Octane 95, K870 for diesel, and K875 for premium diesel. In April, the prices surged above K1,000 per liter, and then plunged to below K1,000 in June, when oil prices registered an extended drop in the global market, according to the local oil market.
Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.
Myanmar imports fuel oil primarily through Singapore, with monthly volumes touching 200,000 tons for gasoline and 400,000 tons for diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar.—GNLM
(Translated by Ei Myat Mon)