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Domestic fuel prices have risen from more than 990 kyats to nearly 1,100 kyats per liter, with the average price of petrol rising by more than 33 percent in three months

According to local petrol stations, the average price of petrol has risen by more than 33% in three months, from 990 kyats to nearly 1,100 kyats per liter depending on the type of petrol in the country. On February 3, the price of diesel was 660 kyats per liter. Premium diesel 600 kyats. Octane 92 Ron 620 kyats per liter; Octane 95 Ron is only 50 kyats per liter, according to figures released by the Myanmar Petroleum Importers and Distributors Association (MPTA). At present, on May 13, diesel costs 995 kyats per liter. Premium diesel 1015 kyats. Octane 92 Ron 995 kyats per liter. Octane 95 Ron per liter up to 1,080 kyats, according to local petrol stations.

In the first three months from the beginning of February until now, the price of diesel and premium diesel was over 330 kyats per liter. Octane 92Ron over 370 kyats per liter; Octane 95Ron rose to over 330 kyats per liter, respectively. According to the above prices, diesel prices rose more than 33% per liter during the three months. Octane 92Ron increased by more than 37% per liter and 95Ron octane by more than 30% per liter. Now people have to pay only 4,000 kyats for the four thousand kyats. They can go with six thousand. Now it costs about three liters to send it back. Not bad if you get your order back. The price cannot be increased. Passengers also have to wait in line to withdraw money, as money is now a problem. So it can’t be asked them to increase oil prices now as before. It is a problem for all drivers.

Myanmar imports around six million tonnes of kerosene a year, according to the Ministry of Commerce. In the first seven months of the current fiscal year, only 2.7 million tonnes of kerosene was imported worth $ 1.2 billion, down from more than one million tonnes in the same period last year, according to an official from the Ministry of Commerce. In the current fiscal year, imports of kerosene fell by 1,002 million tonnes, down $ 663.347 million from the same period last year. During that period, 1.66 million tonnes of diesel was imported, valued at $ 721.173 million. It is down more than 650,000 tonnes, down more than $ 430 million from the same period last year. More than one million tonnes of oil was imported, valued at $ 536.113 million. It was down more than 350,000 tonnes from the same period last year, valued at $ 227.18 billion.

Source: Daily Eleven

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From May 13, the central bank will start selling dollars through some money changers

From May 13, the central bank will start selling dollars through some money changers, according to money changer operators. The central bank has set the US dollar price at 1,645 kyat per dollar through some money changers.

The central bank will sell dollars at some money changers, according to money changer operators. On May 12, the central bank sold $ 6 million at a foreign exchange auction, with the average exchange rate for the auction being 1,650.6 kyats.

Monthly sales from January to December 2020 were $ 39.5 million in January 2020; $ 31.5 million in February; $ 21 million in March; $ 16.7 million in May; 39.1 million in June; $ 31.1 million in July; $ 35.6 million in August; $ 44.2 million in September; $ 43 million in October; $ 100,000 in November; It bought $ 7.8 million in December and $ 2.7 million in April 2020. It was resold in December 2020 for $ 3 million. It bought $ 1.8 million in January 2021.

Source: Daily Eleven

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Yangon Region Investment Committee allows investment of Myanmar citizen, foreign investment

The Yangon Region Investment Committee approved an investment of Myanmar citizen and a foreign investment which can create job opportunities for 635 local people. The committee held the 4/2021 meeting at its office in Yankin Township yesterday, attended by the committee chairman Yangon Region Administration Council Chairman U Hla Soe. The committee allowed K2,500 million investments for the production of quality rice and broken rice for export purpose and US$1.643 million foreign investment for the manufacturing of the garment industry through the CMP system. The chairman, members U Aung Than Oo, U Htay Aung and Secretary Director of the Directorate of Investment and Company Administration and the directors from Environmental Conservation and Myanmar Trade Promotion Organization discussed matters related to reports of three companies.

Source: The Global New Light of Myanmar

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Dollar appreciates on record high against Kyat, rising above K1,700

The hard bullish currency has been gaining in the local forex market. A US dollar against Kyat reached the fresh high above K1,700 in history on 12 May, as per local money changer. On 2 February, a dollar value stood only at K1,335, and then, it dramatically rose to K1,720 on 12 May. The exchange rate between the US dollar and Myanmar Kyat showed a large gap of K380 over the past three months. In a bid to control the sharp daily gains of the US dollar, the Central Bank of Myanmar reportedly sold about 6.8 million dollars on 3 February, 6 million dollars each on 22 and 27 April in the auction market.

The currency intervention is required to steer the own currency value. It is one of the responsibilities of the CBM to control the price. That is why the CBM practised the foreign exchange intervention. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April.

In 2020, the exchange rate moved in the range of K1,465- 1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an alltime high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

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Trade Department extends licence exemption deadline for 99 export-import items by 7 June

The Trade Department under the Ministry of Commerce extended the licence exemption deadline for 99 exports and imports until 7 June 2021, according to the MOC’s notification dated 4 May. The department has notified that exporters and importers do not require to seek licences for 37 HS code lines for exports and 62 lines for imports by 7 May 2021 to facilitate the trade.

Export items with licence exemption include onion, garlic, rice, broken rice, raw sugar, refined sugar, natural rubber and cotton. The exemption covers the following import goods; flour, soybean seed, palm oil, food commodity, cement, gasoline, diesel, pharmaceuticals, fertilizer and lubricant. Previously, a two per cent withholding tax on exports and imports was temporarily exempted in border trade, owing to the difficulties to pay tax amid the closure of private banks.

At present, the exempt status is revoked starting from 1 May. Next, the department cut the red tape for imports of CMP raw materials and some previously imported pharmaceuticals. However, tax cut and licence exemption tackle the trade slowdown amid the heightened border security measure triggered by the new wave of the coronavirus and the lack of money in circulation, an exporter shared his opinion.

Source: The Global New Light of Myanmar