Fuel prices in Myanmar have dropped this week following a US dollar injection by the Central Bank of Myanmar (CBM). The central bank announced it would sell $25 million to the fuel oil sector on October 2nd.
As a result, prices at the pump have decreased. A litre of Octane 92 now costs K2,830, down from K2,920 last week. Octane 95 has fallen to K2,895 from K2,980. Diesel is now priced at K2,545 per litre, with premium diesel at K3,115.
Domestic fuel prices are heavily influenced by the international price index known as the Mean of Platts Singapore (MOPS). To ensure stability for consumers, the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil issues daily reference wholesale prices. The committee is also conducting inspections at fuel stations to prevent overcharging, with violators facing action under the Petroleum and Petroleum Products Law.
With 90 per cent of Myanmar’s fuel being imported, local prices are closely tied to global markets. The government states it is working to balance the market and distribute oil at reasonable rates compared to other regional countries. Policies vary widely across the region, with some nations imposing higher taxes and others, like Malaysia, offering significant government subsidies that result in lower consumer prices.
