The value of petroleum imports surged due to increased domestic consumption and higher oil prices

The value of petroleum imports totaled $3 billion during the 11-month period to end February of the current 2017-18 fiscal year. That’s at least $1 billion more than the same period last year, U Yan Naing Tun, Director General of Directorate of Trade, told The Myanmar Times.

This was due to increased domestic consumption and higher oil prices, he said. There was also a higher number of vehicles as well as a higher volume of activities in mining and higher usage of power generators.

“Power generators are being used in Myeik, Kawthoung and Dawei for electricity. Moreover, petroleum products are used in manufacturing, mining and transportation, where investments have risen,” U Yan Naing Tun said.

Petroleum products include diesel, petrol, engine oil, motor oils, lubricants, paraffin and tar.

Motor oils represented the highest petroleum product import during the period. 

As the Ministry of Commerce has liberalised the sector, motor oils can now be imported freely into the country. 

Hence, there are currently around 70 domestic as well as international companies in that line of business in Myanmar.

As such , motor oil consumption as well as imports have been increasing year after  year, Myanmar Petroleum Trade Association Secretary U Win Myint said.

According  to the statistics from the Ministry of Commerce, during the 10 month-period of this fiscal year, $ 2.3 billion worth of motor oils were imported, exceeding the $ 970 million worth of similar products imported during the same period last year.

(The Myanmar Times: https://www.mmtimes.com/news/petroleum-imports-surge-back-higher-demand.html )

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