Petrol, Diesel Prices Up Around Three Percent In Myanmar

Myanmar’s petrol and diesel prices have risen some three percent from the prices a week earlier, before the central bank of Myanmar changed its reference exchange rates, official data showed, yesterday.

On Aug 5, the central bank changed its reference exchange rates from 1,850 kyats to 2,100 kyats per U.S. dollar, 1,884.3 kyats to 2,148 kyats per euro, and 273.81 kyats to 311.13 kyats per Chinese yuan.

In the capital city of Nay Pyi Taw, diesel price was up 2.5 percent to 2,230 kyats (about 1.06 U.S. dollars) per litre yesterday, from a week earlier, RON 92 price increased 4.1 percent to 1,900 kyats per litre, and RON 95 price surged 3.69 percent to 1,965 kyats per litre, respectively.

In Yangon, diesel price increased 2.58 percent to 2,185 kyats per litre, week on week, RON 92 price was up 4.2 percent to 1,860 kyats per litre, and RON 95 price rose 3.78 percent to 1,920 kyats per litre, respectively, official data showed.

“Changes in the local fuel prices depend on fuel prices of countries from which we import fuel, as nearly 90 percent of the fuels in Myanmar are imported,” an official from the Petroleum Products Regulatory Department said, adding, Myanmar import mostly from Singapore.

“As Myanmar is a country locally producing some extent of petroleum products, the import of petroleum and petroleum products has to be reduced and systematic production of petroleum in some regions has to be made, for the benefit of the country,” said Senior General, Min Aung Hlaing, chairman of the State Administration Council.

According to official figures, petrol and diesel prices in the country have increased more than 100 percent from a year earlier.

Source: NAM News Network