Yangon Regional Government will build more oil terminal and storage facilities in Yangon to stabilize fuel prices

Yangon Regional Government will extend and build more oil terminals and storage facilities in Yangon in order to stabilize the fuel prices, according to U Phyo Min Thein, Chief Minister of Yangon at YBS anniversary.

“We need to build more oil storage facilities as well as terminals. By doing so, we can stabilize the prices of fuel by storing large amounts of oil,’’ he said.

Four companies are operating storage facilities in Yangon and the Ministry of Commerce is also trying to keep the current fuel prices in check by acquiring the import prices of oil.

In April last year, oil prices hit a record high, for example, diesel rose to K910 per liter. Now, a liter of diesel has dropped to K830 per liter, premium diesel is prices at K840 a liter, Octane 92 at K645 and Octane 95 at 735 per liter.

Fuel stations in Yangon are selling 270 thousand tons of fuel gas and 180 thousand tons of diesel every day.

Myanmar import fuels and lubricants from Singapore, Thailand and Japan by over 300 registered companies and there are over 340 brands of oil and lubricants in the domestic market.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/yangon-extend-oil-terminals-order-stabilize-fuel-prices )

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