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Myanmar imports 60,000 tonnes of fertilizer worth $31.075 mln in Jan

Myanmar imported about 60,000 tonnes of fertilizer worth US$31.075 million in January 2023, according to the Ministry of Commerce. Myanmar imported over 40,000 tonnes from China, over 7,800 from Thailand, about 5,000 from the UAE, over 2,500 from the Republic of Korea, over 600 from the US, over 500 from Uzbekistan, over 400 from Viet Nam, about 400 tonnes from Japan, over 300 from Laos, 80 from Malaysia, over 10 each from India and Indonesia respectively by sea.

The export volume was down by over 43,000 tonnes compared to that recorded in December 2022. Meanwhile, the country imported over 8,600 tonnes of fertilizer worth $3.02 million through a cross-border channel last month, with about 4,500 tonnes from China, over 620 from Thailand and over 3,000 from India.

The prices of fertilizer moved in the range between K72,000-162,500 per 50-kilogramme bag depending on the brand (Myanma Awba, Thai Grow How, Pale, MPE and Thai Myinpyan) and types of fertilizer in the last week of January 2023. The prices remained unchanged in early February. Additionally, the prices of Malarmyaing brand Cypermethrin 10 per cent insecticide 100 cc and 500 cc were K3,100 and K13,800 per bottle.

Source: The Global New Light of Myanmar

Solar power system to be used in EV charging stations

Union Minister for Electric Power U Thaung Han mentioned that solar energy will be used in the newly built electric vehicle (EV) charging stations. It is reported that charging stations for electric vehicles will be built and the power required for the stations will be mainly used from solar energy. The Union minister said that the power that will be released in the current period will be connected to the National Grid and transmitted according to the Standard Operation Procedure (SOP) established by MOEE.

EV chargers 60 kW (10 sets) and 200 kW (two sets) to be used in BEV charging stations under implementation by the Steering Committee on National-level Development of Electric Vehicles and Related Industries, arrived in February. EV chargers will be installed at the No 3 Tollgate of the Yangon-Mandalay Expressway, Pyu bus station, Nay Pyi Taw junction bus station, and the Thabyaygon Market in Zabuthiri Township of Nay Pyi Taw.

Permission was granted to place seven EV charging stations each on the Yangon-Mandalay Expressway and in Nay Pyi Taw. Fifty-one chargers will be installed in 38 EV charging stations, it is learnt. Forty BYD E2 model electric vehicles have been imported into the country to date. The test run will be carried out with 20 EV cabs at the Yangon International Airport and the Nay Pyi Taw Thabyaygon Market.

Source: The Global New Light of Myanmar

Domestic fuel oil price remains on upward trend

The domestic fuel market sees a small change in prices yet it stays on an upward trajectory. This month, the market sees a price swing every day. On 17 February, the prices touched a high of K2,185 per litre of Octane 92, K2,260 for Octane 95, K2,240 for diesel and K2,320 for premium diesel. The domestic fuel prices are set depending on the price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.

Last August 2022, the oil prices peaked at K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel. The committee is therefore governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and to ensure price stability for energy consumers. The Petroleum Products Supervision and Inspection Department, under the guidance of the committee, is issuing the daily reference rate for oil to offer a reasonable price to energy consumers.

The reference rate in Yangon Region is set on the MOPS’s price assessment, shipping cost, premium insurance, tax, other general cost and health profit per cent. The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily covered on the state-run newspapers and are posted on the media and official website and Facebook page of the department daily starting from 4 May. As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices.

The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries. Some countries levied higher tax rates and hiked oil prices than Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also poses only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate. 

Source: The Global New Light of Myanmar