The prices were set at K2,380 for Octane 92 and K2,440 for Octane 95, K2,135 for diesel and K2,580 for premium diesel last week ending 8 January.

The price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in Southeast Asia, in­fluences the domestic fuel pric­es, according to the Supervisory Committee on Oil Import, Stor­age and Distribution of Fuel Oil.

The committee is governing the market to ensure a stable price and secure supply. Fur­thermore, the Central Bank of Myanmar has been injecting foreign currencies into the fuel oil sector to help cut the price. Under the guidance of the Su­pervisory Committee, the Pe­troleum Products Regulatory Department has been issuing daily reference wholesale pric­es to ensure price stability for energy consumers.

The committee is inspect­ing the fuel stations to see whether they are overcharging. Authorities are taking action against petrol station retailers who are found to be overcharg­ing, rather than adhering to the set reference rate, under the Petroleum and Petroleum Prod­ucts Law 2017.

As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. Domestic fuel prices are highly correlated with international prices. The State is steering the market to mitigate the losses ex­perienced by importers, sellers, and energy consumers. Con­sequently, the government is trying to distribute the oil at a reasonable price compared to that of regional countries.

Some countries levied high­er tax rates and hiked oil prices than Myanmar did. However, Malaysia’s oil sector receives government subsidies, and the prices are about 60 per cent lower than those of Myanmar. Every country adopts different policy patterns to fix oil prices, the Supervisory Committee on Oil Import, Storage and Distri­bution of Fuel Oil stated. — NN/ KK