Petrol, diesel prices up around 3 per cent in Myanmar

YANGON (Xinhua): Myanmar's petrol and diesel prices have risen some 3 per cent from the prices a week earlier, before the central bank of Myanmar changed its reference exchange rates, official data showed Tuesday (Aug 9).

On Aug 5, the central bank changed its reference exchange rates from 1,850 kyats to 2,100 kyats per US dollar, 1,884.3 kyats to 2,148 kyats per euro and 273.81 kyats to 311.13 kyats per Chinese yuan.

In the capital city of Nay Pyi Taw, diesel price was up 2.5 per cent to 2,230 kyats (about $1.06) per liter on Tuesday from a week earlier, RON 92 price increased 4.1 per cent to 1,900 kyats per liter, and RON 95 price surged 3.69 per cent to 1,965 kyats per liter, respectively.

In the commercial city of Yangon, diesel price increased 2.58 per cent to 2,185 kyats per liter week on week, RON 92 price was up 4.2 per cent to 1,860 kyats per litre, and RON 95 price rose 3.78 per cent to 1,920 kyats per liter respectively, official data showed.

"The changes in the local fuel prices depend on the fuel prices of the countries from which we are importing fuel as nearly 90 percent of the fuels in Myanmar are imported," an official from the Petroleum Products Regulatory Department told Xinhua, adding that Myanmar was importing most fuel from Singapore.

"As Myanmar is a country locally producing some extent of petroleum products, the import of petroleum and petroleum products has to be reduced and systematic production of petroleum in some regions has to be made for the benefit of the country," said Senior General Min Aung Hlaing, chairman of the State Administration Council.

According to official figures, petrol and diesel prices in the country have increased more than 100 per cent from a year earlier.

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