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MYANMAR – Shwe Byai Phyu, a private energy company, informed the rural gas stations that the fuel price will be changing based on the USD exchange rate in the local market.
It was informed that the fuel prices will be based on the exchange rate and although an estimated price would be calculated before the sale, depending on the price on the date of sale, extra charges will be applied.
Shwe Byai Phyu reportedly informed that the rural gas stations will have to pay 120 million Kyats in advance for purchases of estimated 100 million Kyats.
Other energy companies including BOC are also said to have sent similar notices to rural gas stations.
“The junta council determined the price but changing the price based on exchange rate in addition to that can only impose more difficulties on SME businesses. They raked in the profits without complaining but are now asking SME gas stations to share the expenses,” said an owner of a rural gas station.
The junta council made an amendment to its monetary policy on December 5, stopping its central bank from selling USD to fuel importers at a fixed rate and instructed to sell and purchase according to the market rate, leading to fuel shortages all over the country.