Domestic fuel prices remain high despite fall in global crude prices

Domestic fuel prices have remained unchanged despite the decline in global crude oil prices in the past one week, according to filling stations in Yangon.


The price of fuel has been on the rise since January. It stood at K160 per litre in early January and climbed to K240 in early May, an increase of 18 and 34 per cent in 5 months, said retailers.


According to filling stations in Yangon, the price of a litre of 95 Octane reached around K970 in the retail market on 10 May, while a litre of 92 Octane was being sold for K900. Diesel was priced at K1,000 and premium diesel at K1,010.


Fuel prices vary slightly between regions and states. A litre of 92 Octane is currently being sold for about K935 in Bago, K945 in Nay Pyi Taw, nearly K1,000 in Mandalay, K965 in Magway, K975 in Sagaing, K975 in Kayah State, and K985 in Shan State.


Global crude oil prices increased significantly in the second week of October, 2017. The prices climbed to over US$70 per barrel in October, 2018 from $49 in August, 2017. In December, 2018, global crude prices dropped to $42 to reach $66 on 23 April. The prices then declined, reaching $63 on 1 May and $61 on 7 May.—Swe Nyein (Translated by Khaing Thanda Lwin)