Myanmar imports over 432,000 tonnes of fuel oil in Oct

Over 432,000 tonnes of diesel and Octane worth US$337.63 million were imported in October Central Committee on Ensuring Smooth Flow of Trade and Goods.
Additionally, the illegal import of 454 tonnes of fuel oil was seized under the existing laws.
The central committee stated that the relevant departments will carry out prevention measures for fire outbreaks caused by oil and gas. The Central Bank of Myanmar also injects US dollars into the fuel oil sector.
Under the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil, the Petroleum Products Regulatory Department has been issuing daily reference wholesale prices to ensure price stability for energy consumers. Reference wholesale prices set for Yangon on 29 November were K3,015 per litre of Octane 92, K3,180 for Octane 95, K2,655 for diesel and K3,290 for premium diesel.
The committee is inspecting the fuel stations to see whether they are overcharging. Authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. Domestic fuel prices are highly correlated with international prices. The State is steering the market to mitigate the loss experienced by the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries.
Some countries levied higher tax rates and hiked oil prices than Myanmar’s. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent lower than those of Myanmar. Every country lays down different policy patterns to fix oil prices, the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil stated. — NN/KK