Fuel prices dip slightly
FUEL oil prices declined a bit in the
domestic market.
The set fuel prices dipped to K2,825 per
litre of Octane 92, K2,885 for Octane 95, K2,415 for diesel and K2,980 for
premium diesel during a week from 9 to 15 May. The prices were K2,885 per litre
of Octane 92, K2,940 for Octane 95, K2,470 for diesel and K3,055 for premium
diesel this week ending 8 May, showing a decrease of K55-K75 per litre compared
to those of the previous week.
The price index set by Mean of Platts
Singapore (MOPS), the pricing basis for many refined products in Southeast
Asia, influences the domestic fuel prices, according to the Supervisory
Committee on Oil Import, Storage and Distribution of Fuel Oil.
Under the Supervisory Committee on Oil
Import, Storage and Distribution of Fuel Oil, the Petroleum Products Regulatory
Department has been issuing daily reference wholesale prices to ensure price
stability for energy consumers.
The committee is inspecting the fuel
stations to see whether they are overcharging. Authorities are taking action
against those retailers of fuel stations under the Petroleum and Petroleum
Products Law 2017 if they are found overcharging rather than the set reference
rate.
As per the statement, 90 per cent of
fuel oil in Myanmar is imported, while the remaining 10 per cent is produced
locally. Domestic fuel prices are highly correlated with international prices.
The State is steering the market to mitigate the loss experienced by the
importers, sellers and energy consumers. Consequently, the government is trying
to distribute the oil at a reasonable price compared to that of regional
countries.
Some countries levied higher tax rates
and hiked oil prices than Myanmar’s. However, Malaysia’s oil sector receives
government subsidies, and the prices are about 60 per cent lower than those of
Myanmar. Every country lays down different policy patterns to fix oil prices,
the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil
stated. — NN/KK
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