Local fuel prices increased by over 19 percent over the past four months due to the dollar appreciation

Local fuel prices have increased by over 19 percent over the past four months due to dollar appreciation, according to filling stations.

On Monday in local market, maximum prices fixed by Myanmar Oil Importers and Distributors Association were Ks1,075 for one liter of diesel (K4,887 per gallon), K1,085 for one liter of premium diesel (Ks4,932 per gallon), Ks1045 for one liter of 92 Ron octane (Ks4,750 per gallon) and Ks1,095 for one liter of 95 Ron octane (Ks4,977 per gallon).

In comparison with the prices on June 3, prices have increased by 18.13 percent for diesel, 17.29 percent for premium diesel, 18.75 percent for 92 Ron octane and 17.74 percent for 95 Ron octane.

Since the second week of October in 2017, oil prices per barrel have significantly increased with US$49 in early August, US$51 in early October,  US$55 in early November, US$58 in early December, US$61 in early January this year, US$64 in early February, US$68 in late April, US$72 on May 21, and US$74 on July 10.

The price decreased to US$69 on August 7 and US$65 on August 20. But it increased again to US$67 on September 10, US$70 on September 21 and US$73 on October 1.

Exchange rate had increased sharply since July. Myanmar kyat against US dollar was valued at K1,346 on June 11 and the value reached record high with K1,650 on September 20.

Oil importers said local fuel price rates changed depending on global price rates and foreign exchange rate.

According to the prices of a barrel of oil from abroad announced by Myanmar Oil Importers and Distributors Association on September 28, MPOS prices are US$89.52 for 92 Ron, US$91.84 for 95 Ron, US$95.73 for diesel and US$96.68 for premium diesel.   

On April 1, 2016 in local market, prices were K500 for one liter of diesel (K2,270 per gallon), K540 for one liter of premium diesel (K2,451 per gallon), K550 for one liter of 92 Ron octane (K2,497 per gallon) and K650 for one liter of 95 Ron octane (K2,915 per gallon).

In comparison with prices on October 1 this year, in about 30 months, prices have increased by 115 percent for diesel, 101 percent for premium diesel, 90 percent for 92 Ron octane and 68 percent for 95 Ron octane.

(Eleven Media Group: http://elevenmyanmar.com/business/15318 )

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