In recent days, with the slight increase in global oil prices, domestic fuel prices have risen again because they have not yet purchased as much oil as they need, the oil suppliers told Than Lwin Times.

The global oil price rose slightly from around $95 per barrel on November 1 to $97 per barrel on November 8.

Due to a slight increase in world oil prices, the price of domestic 95 octane increased from 2,080 kyats to 2,300 kyats per liter, and the price of 92 gasoline increased from 1,985 kyats to 2,180 kyats per liter, increasing by 200 kyats per liter.

According to a fuel trader, he sells fuel based on the global oil price, but he is having problems due to price fluctuation.

“We are distressed because we must sell domestic oil based on fluctuations in global oil prices. The oil price rises again before the quota oil arrives,” an oil supplier said.

Currently, the price of fuel oil is changing every day, and the military council has not yet sold as much oil as the customers need.

The Military Council is importing fuel oil from Russia in order to reduce the price of oil, but oil providers have stated that they have not yet received Russian oil on the market.

Furthermore, on August 31, the Central Bank announced that it will provide $200 million through the foreign currency market to ease a surge in basic commodity prices driven by high fuel prices, but the price of fuel has not fallen significantly.

Under the NLD government, the price of gasoline in Myanmar was roughly 600 kyats per liter, but after the military takeover, the price has nearly quadrupled to over 2,400 kyats per liter.

News-Than Lwin Times