The fuel prices dip in the domestic market tracking the slump in world oil prices. The octane exceeded diesel significantly in price.
The prices moved slightly down to K2,037 per litre of Octane 92, K2,128 for Octane 95, K2,007 for diesel and K2,081 for premium diesel on 29 March. The price stood at K2,145 for Octane 92, K2,240 for Octane 95, K2,110 for diesel and K2,190 for premium diesel on 28 March.
Diesel is commonly used in generators and agricultural machines. Consequently, demand is higher than before. As a result of this, there is difficulty in purchasing in the industrial sector. Therefore, some hike up rent for agricultural machines for unreasonable assumptions despite the decrease in diesel price.
The diesel price hit a high of K3,245 per litre in August 2022.
This month, diesel price hovers at approximately K2,000 per litre. The price difference between diesel and Octane has narrowed. Earlier, diesel surpassed Octane in price.
Some businesses consume diesel as commercial power supplies were restricted to a certain extent in March. Yet, they can save some costs amid the diesel price decline.
I anticipate the diesel price to stay low like this for a long time, Ko Htaw, a truck owner told the Global New Light of Myanmar. — TWA/EM