Local fuel prices fell by 14 percent to 27 percent over the past two months due to the decreasing global oil prices and slight fluctuation in the dollar price

Local fuel oil prices have decreased by 14 percent to 27 percent over the past two months due to decreasing global oil prices and slight fluctuation in the dollar price , according to petrol stations.

Prices fell to K940 for one litre of 92 Ron octane, K840 for one litre of 95 Ron octane, K940 for one litre of diesel and K950 for one litre of premium diesel.

When global oil prices got high and dollar appreciated, local fuel prices increased continuously with 21 percent in four months from June to October this year. At that time, one litre of 92 Ron octane was priced K1,065, one litre of 95 Ron octane K1,115, one litre of diesel K1,095 and one litre of premium diesel K1,105.

Since the second week of October in 2017, oil prices per barrel had 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$76 on October 3. Now, the price decreased to around US$49 on December 18.

On December 18 in local market, maximum prices fixed by Myanmar Oil Importers and Distributers Association were K940 for one liter of diesel (K4,267 per gallon), K950 for one liter of premium diesel (K4,313 per gallon), K770 for one liter of 92 Ron octane (K3,495 per gallon) and K840 for one liter of 95 Ron octane (K3,813 per gallon).

In comparison with prices on October 10 this year, in over two months, prices have decreased by 14 percent for diesel, 14 percent for premium diesel, 27 percent for 92 Ron octane and 24 percent for 95 Ron octane.

(Eleven Media Group: https://elevenmyanmar.com/news/local-fuel-prices-fall-by-14-to-27-in-two-months )

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