Fuel prices drop further in Myanmar
Thursday, 26 February 2009
YANGON, Feb. 25 (Xinhua): Fuel prices have dropped further in Myanmar since last week with diesel trading at a market price of 83,000 Kyats (83 U.S. dollars) per barrel or 1,700 Kyats (1.7 U.S. dollars) per gallon, according to market survey today.
Diesel prices in Yangon had fallen to 90,000 Kyats per barrel in the second week of this month from 97,000 Kyats per barrel earlier.
The diesel price throughout last year was as high as 300,000 Kyats per barrel until September when it started to drop.
Traders attributed the fall of the diesel price to increased import of the fuel by private entrepreneurs granted for cyclone rehabilitation work.
However, petrol price has not fallen much with retail market price remaining at 3,000 Kyats per gallon, consumers said.
Although the diesel price was sharply down, the bus fare, other transport charges and food prices did not fall correspondingly, consumers said.
At the end of 2008, Myanmar registered a drop of fuel prices to a record low along with world oil prices with the official prices of diesel quoting at 114,500 Kyats per barrel or 2,290 Kyats per gallon then.
Government-run fuel filling stations are selling diesel at a reduced price of 2.6 U.S. dollars or FEC (foreign exchange certificate) per gallon.
Diesel prices in Yangon had fallen to 90,000 Kyats per barrel in the second week of this month from 97,000 Kyats per barrel earlier.
The diesel price throughout last year was as high as 300,000 Kyats per barrel until September when it started to drop.
Traders attributed the fall of the diesel price to increased import of the fuel by private entrepreneurs granted for cyclone rehabilitation work.
However, petrol price has not fallen much with retail market price remaining at 3,000 Kyats per gallon, consumers said.
Although the diesel price was sharply down, the bus fare, other transport charges and food prices did not fall correspondingly, consumers said.
At the end of 2008, Myanmar registered a drop of fuel prices to a record low along with world oil prices with the official prices of diesel quoting at 114,500 Kyats per barrel or 2,290 Kyats per gallon then.
Government-run fuel filling stations are selling diesel at a reduced price of 2.6 U.S. dollars or FEC (foreign exchange certificate) per gallon.