MYANMAR – As the terrorist junta council stopped selling USD at the exchange rate of 2,100 MMK set by its central bank, fuel prices jumped by over 340 MMK per litre in one day, reported a fuel import company.On December 1, a liter of 92 Octane was 2,510 MMK, compared to 2,170 MMK the previous day.
Similarly, a liter of 95 octane also jumped to 2,640 MMK from 2,300 MMK the previous day.The rise in price is said to be due to the junta council no longer selling USD to fuel importers at the exchange rate set by its central bank.”Starting October 1, 2022, 40% of the imported fuel is sold at the rate set by the central bank. The remaining 60% had to be paid at the market rate. The price was calculated by the Ministry of Energy. Now, the junta council is no longer selling the 40% at the set exchange rate. So the businesses have to pay 100% at the market rate. That’s the reason for the price hike. As for diesel, it is still possible to pay 50% at the rate of 2,100 MMK per USD, while the other 50% has to be paid at the market rate. That’s why the diesel prices have not changed much,” explained a fuel business.
After the price hike, gas stations are also facing difficulties as it has become extremely hard to withdraw fuel, and they are asked to go around to different points to withdraw petrol.”We are told to go to different points to withdraw fuel. The price increased, but it’s difficult to get the fuel. We are only given one day’s share every day,” shared a fuel business.
