Domestic oil prices slide on global cues


Domestic oil prices have been on the decline since 10 January owing to a fall in global oil prices, according to traders.
Oil prices dipped to US$62.25 per barrel for Brent oil and $55.7 per barrel for WTI crude oil yesterday in the global oil markets.
According to the domestic oil market, at present, Octane 92 is pegged at K825-845, Octane 95 at K932-950, diesel at K915-950, and premium diesel at K927.5-950 per liter.
Domestic oil prices started to slide on 10 January. The prices have dropped by around K50 compared with the first week of January, said traders.
On 10 October, 2018, due to an increase in global crude oil prices and the weakening of the Kyat against the US dollar, oil prices had touched a high of K1,065 per liter for Octane 92, K1,115 for Octane 95, K1,085 for diesel, and K1,105 for premium diesel.
Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.
Myanmar has imported about one million tons of diesel and petrol worth nearly $600 million over the past two months of this financial year, according to the Ministry of Commerce.
Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tons for gasoline and 400,000 tons for diesel. There are 2,000 fuel stations and 50 oil importer companies in Myanmar. —Ko Khant (Translated by Ei Myat Mon)

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