Fuel prices fall in Yangon

The fuel prices in Yangon City have risen to the recorded high in recent months, but have fallen slightly on recent days, according to filling stations of Yangon. The fuel prices drop recently. The officials notified the stations of selling at normal prices since last month.

According to a taxi driver who has been driving a taxi for over a decade, he has never faced such difficulties before. He stopped his driving as the fuel prices were drastically high last months. Myanmar’s economic market also creeps up faster than the planes. Although it has been creeping up quickly, it drops in a slow momentum. But people get used to facing such case in Myanmar. In September, the Ministry of Commerce and Myanmar Fuel Importers Association jointly conducted the measures to sell the fuel at the fairer prices at 231 filling stations across the nation.

Due to the queuing of vehicles at these designated fuel stations in Yangon, some stations reduce the prices than the fixed ones and liters, according to car owners. At these designated filling stations across the nation including Yangon, they sold at K1,122 per litere for Ron 92 while K1,117per litre for diesel and K1,124 per litere for premium diesel starting 22 September. However, these stations are currently run out of allocated oil and they sell as usual. The fuel prices in Yangon yesterday were K1,455 per litre for 92 octane, K1,490 per litre for 95 octane, K1,470 per litre for diesel and K1,475 per liter for premium diesel. Although the prices of fuel are different depending on the station, they become lower than before.

Source: The Global New Light of Myanmar


Manufacturing sector attracts $286 mln last FY

Majority of foreign enterprises eye the manufacturing sector for investments in the last financial year 2020-2021, pumping the estimated capital of US$286 million into 27 projects, the Directorate of Investment and Company Administration stated. The manufacturing enterprises and businesses that need large labour force are prioritized, the Myanmar Investment Commission stated. At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 negative impacts and the political changes.

Myanmar’s garment export drastically dropped on the back of slump in demand by European Union market in the previous months. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed. Nonetheless, the industry is returning to normal after the COVID-19 vaccination programme for the workers, as per the HIS Markit’s September report. Myanmar’s manufacturing sector is largely concentrated on garment and textiles produced on a Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent.

Myanmar drew foreign direct investment of more than $ 3.79 billion in the last FY, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated. Of 48 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 30 September of the FY 2020-2021, 27 enterprises pumped FDI into the manufacturing sector. Power sector received six large project and livestock and fisheries sector attracted six projects. Other service sector drew five projects while agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors.

Source: The Global New Light of Myanmar