U Maung Maung, a National Unity Consultative Council (NUCC) member, told MNJ news that the gasoline and diesel shortages, stemming from the Military Council's fast shrinking foreign currency reserves (US Dollars), are expected to exacerbate over the next three months.
"The inability to import diesel has created significant hardships for the public. The diesel shortage may worsen in the next three months, and its consequences could impact the Military Council as well”, he told MNJ.
NUCC is a historic alliance of ethnic armed organizations and the Bamar majority, and is considered one of the most inclusive in modern Burmese history with participation from six ethnic parties supporting the armed struggle for a Federal Democratic Union.
The NUCC member highlighted that since the coup, the Junta lacks sufficient USD reserves that it can accessto import fuel, resulting in the current crisis.
The Junta’s finances have encountered severe problems from US sanctions at a time when the Military Council is contending with escalating costs and a diminishing budget.
U Maung Maungexplained "The impact of these sanctions on the Military Council will be as severe as a lightning (military) strike. Now it is facing critical fuel shortages. To import fuel, it requires payment in advance with US dollars and proper tankers for transport. A further expense is the necessity of providing costly ship insurance. All these processes demand USD. If oil is imported from China, it would require RMB(Rembini). The Military Council's foreign currency reserves are already very low I want to emphasize that in the next three months, the Military Council will be unable to import fuel at all”, U Maung Maung said.
It has been reported that the Central Bank of Myanmar had about US$6.8 billion in foreign reserves as of March 2023. More than 50% is said to be deposited inSingaporean banks. But US sanctions on this Myanmar Bank were imposedin 2023.It is highly unlikely that the Singapore government would agree to any requestfrom the discredited coup regime to release these potential assets..
The NUCC has demanded international action against banks, companies, insurance firms, and shipping agencies that assist the Military Council in obtaining jet fuel and dual-use fuel (for both civil and military vehicles), arguing that these entities are violating sanctions.
NUCC reported that the Military Council has imported and procured fuel from Singapore, Malaysia, Indonesia, Thailand, and India. Moreover, NUCC released a list of 12 ships that transported fuel to the Military Council during the months of October, November, and December.
This NUG advisory body also emphasized that despite the arrival of 12 fuel tankers in Myanmar over the last three months, the public is grappling with a fuel shortage, raising questions about the destination of the imported fuel.
"We're reaching out to the United States and Britain, especially. The United States has placed sanctions on two banks and announced additional measures. We urge effective enforcement of these sanctions and initiate inspections. Appeal letters have been sent to these countries, requesting scrutiny of tanker entry and exit, along with specific actions”, U Maung Maung added.
He provided further clarification, stating that the request aligns with NUCC's policy to sever all economic and diplomatic support for the Junta, which is a key strategy of NUCC and the NUG..
NUCC has stressed to the international community that the specified sanctions will only be truly effective if robust punishment is applied to everyone supporting the oppressive Military Council. NUCC's statement also underscored that only through such decisive actions can the military dictatorship fall as soon as possible, paving the way for the establishment of a federal democratic system.
