Yangon regional government plans to reduce petrol prices by allowing foreign investors and traders into the market

The Yangon Regional Government will lower petrol prices to reduce transportation costs for commuters, said Finance and Planning minister U Myint Thaung in the Yangon Parliament on Tuesday.

The minister was responding to questions raised by MP U Hla Htay from Mingalar Taungnyunt township.

“Transportation charges have been rising as all the petrol stations have fixed petrol prices at a high level. It is basically a monopoly,” U Hla Htay said.

 “The government should allow petrol to be imported and traded freely. It should also allow foreign investors and traders into the market. Currently, only a small group controls all the petrol stations and petrol prices,” he added.  

In Yangon Region, private petrol stations are selling a 0.27 million petrol gallon and 0.15 diesel gallon at a floating market price every day, according to U Han Htoon, Minister of Agriculture, Livestock, Forestry and Energy. 

The Yangon Region Government has noticed the increasing petrol price and has a plan to reduce the petrol price. ‘’We will align petrol prices to be more on par with the world market price,” said U Myint Thaung. 

In Parliament in March, MP U Yan Shin from Mayangone Township had raised similar questions about the high petrol prices.

 “Petrol and diesel are part of the peoples’ daily expenditure. If the petrol prices increase, transportation charges will increase and become a burden to the people,” he said. 

The MP also noted that although petrol prices are decreasing in world market, they have not been decreasing in Myanmar. “But if petrol prices increase, the petrol stations  in Myanmar will raise the price immediately,” said U Yan Shin.

(The Myanmar Times: https://www.mmtimes.com/news/yangon-government-promises-lower-petrol-prices.html )

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