Over 51 mln litres of fuel oil sold at fairer prices within one and half months: CAD

The Consumer Affairs Department stated that more than 51 million litres of fuel oil were sold at the subsidized rate between 22 September and 2 November 2021. Starting from 22 September, the total volume of fuel oil that is sold at very reasonable rates is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar, intending to offer fairer rates through the relevant association. Over 19 million litres of 92 Ron, 12 million litres of diesel and 18 million litres of premium diesel have been sold.

The fuel oil at the fairer price is available at 229 petrol-filling stations in Yangon, Mandalay, and Nay Pyi Taw cities and Mon, Shan, Kachin, Kayin and Rakhine states and Sagaing, Bago, Magway and Ayeyawady and Taninthayi regions. Consumers can complain about overcharging for fuel oil which is sold at the subsidized rate under the public distribution system. If any overcharging is found, the consumers can complain about it through the contact numbers 09664075683, 09664596327, 09687635943 and 09676320826 of the National Trade Facilitation Committee, (01250270) of Yangon Region Consumer Affairs Department and 09421006794 of the Myanmar Petroleum Trade Association.

The fuel oil was pegged at around at K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in the domestic retail market. Then, it remarkably climbs up to K1,425 for Octane 92, K1,490 for Octane 95, K1,370 for diesel and K1,380 for premium diesel at present. There is a remarkable price gap of K700-800 per litre, according to the local fuel oil market. A dollar is worth K1,900 in the local forex market. Normally, Myanmar yearly imports six million tonnes of fuel oil from external markets, the Ministry of Commerce stated. 

Source: The Global New Light of Myanmar

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Myanmar maritime trade up by $115 mln as of 22 Oct

The value of Myanmar’s maritime trade between 1 and 22 October of the current mini-budget period for 2021-2022 climbed up to US$1.166 billion, which reflected an increase of $115 million as against the last FY. The figures rose from $1.05 billion during the year-ago period, according to the Ministry of Commerce. While maritime exports were valued at $560 million, imports have registered $300.45 million.

Compared to the same period in the 2020-2021 financial year, imports fell by $144.7 million, while exports registered an increase of $259.7 million. Meanwhile, the value of trade through the border this FY was estimated at $234.9 million, which plunged drastically from $613 million registered last FY. Myanmar’s sea trade generated $19.8 billion out of an overall trade value of $29.5 billion in the last FY2020-2021, the Ministry of Commerce’s statistics indicated.

Myanmar exports agricultural products, fishery products, minerals, livestock, forest products, finished industrial goods, and other products, while it imports capital goods, consumer goods, and industrial raw materials. The country currently has nine ports involved in sea trade. Yangon Port is the main gateway for Myanmar’s maritime trade and includes the Yangon inner terminals and the outer Thilawa Port. Yangon inner terminals and the outer Thilawa Port received over 152 larger ships of above 30,000 DWT (deadweight tonnage) in the past five months (February-June) this year after the draft limit is extended up to 10 metres with the new navigation channel accessing to inner Yangon River. 

Source: The Global New Light of Myanmar