Fuel prices see slight dip on 8 March

Fuel prices showed a slight decline in the domestic market.
Fuel prices were K2,175 per litre of Octane 92, K2,835 for Octane 95, K2,485 for diesel and K2,525 for premium diesel on 7 March. Then, the prices decreased to K2,680 per litre of Octane 92, K2,790 for Octane 95, K2,430 for diesel and K2,480 for premium diesel on 8 March.
The figures reflected a decrease of K35 to 55 per litre.
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.
In August 2022, the oil prices hit the highest of K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel.
Therefore, the committee is steering the fuel oil storage and distribution sector effectively so that there is no shortage of oil in the domestic market and to ensure price stability for energy consumers.
The committee is inspecting the fuel stations to see whether they are overcharging or not. The 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 losses experienced by importers, sellers, and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those 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 cheaper than those of Myanmar. Every country lays down different policy patterns to fix oil prices. Myanmar also levies only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate. — NN/EM