gas

92 Octane price jumps by over K100 per litre within 2 days

The 92 Octane price jumped over K100 per litre within two days, according to the fuel market. On 3 November, the prices stood at K2,005 per litre for 92 Octane, K2,095 for 95 Octane, K2,560 for diesel and K2,635 for premium diesel in the Yangon market. On 5 November, it was K2,115 per litre of 92 Octane, K2,230 per litre of 95 Octane, K2,650 per litre of diesel and K2,720 per litre of premium diesel. Therefore, the increasing prices of fuels ranged from K85 to K135 within two days. By the end of August, the fuel prices reached their highest at K2,605 per litre for 92 Octane, K2,670 for 95 Octane, K3,245 for diesel and K3,330 for premium diesel.

The prices are on the rise again as the prices of Singapore-based Mean of Platts Singapore (MOPS) become higher, according to the Supervisory Committee on Import, Storage and Distribution of Fuel Oil. The committee takes measures to ensure avoiding fuel shortages and maintaining price stability. Moreover, the Petroleum Products Regulatory Department released the daily fuel reference prices under the guidance of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil. The reference rate in Yangon Region is set on the MOPS’ price assessment, shipping cost, premium insurance, tax, other general cost and reasonable profit rate.

The rates for regions and states are evaluated after adding the transport costs and the retail reference rates daily cover 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. Therefore, the fuel oil stations that sell oil at higher prices than the reference prices are scrutinized and taken action under Petroleum and Petroleum Products Law 2017. As 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally, the oil prices in the market are changing depending on the international market prices.

The government maintains the situation to be stable prices that benefit the oil importers, sellers and consumers and distributes at the firer prices compared to the prices 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

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92 Octane prices rebound to K2,000 per litre in Yangon market

The fuel oil prices show a steady increase recently, and it reaches K2,000 per litre of 92 Octane in Yangon market, according to the market.

The price was below K2,000 per litre of 92 Octane for over two weeks starting early October and the prices were increasing slowly to K2,000 per litre of 92 Octane, K2,090 per litre of 95 Octane, K2,690 per litre of diesel and K2,775 per litre of premium diesel on 29 October.

In August, the fuel prices reached its highest rate at K2,605 per litre of 92 Octane, K2,670 per litre of 95 Octane, K3,245 per litre of diesel and K3,330 per litre of premium diesel in Yangon market. The Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil stated that domestic fuel prices are increasing as per the higher price index set by Mean of Platts Singapore (MOPS).

Source: The Global New Light of Myanmar

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6-mln-gallon fuel oil unloaded at terminals of Thilawa Port, 14 mln more on way

Over six million gallons of fuel oil have been unloaded from oil tankers at terminals of Thilawa Port and oil tankers carrying more than 14 million gallons are soon to be docked and oil unloading process will be undertaken, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil. The committee is scrutinizing and importing fuel oil to have an adequate supply in the domestic markets. On 24 October, 0.91 million gallons of Octane 92, 2.55 million gallons of diesel and 1.34 million gallons of premium diesel were discharged from the MT Synergy tanker. On 25 October, 2.01 million gallons of Octane 92 were unloaded from the MT Aulac Vision ship.

Furthermore, the MT Yu Dong tanker carrying 2.76 million gallons of Octane 92, 0.92 million gallons of Octane 95 and 1.65 million gallons of diesel, the MT Harmony One ship carrying 3.07 million gallons of diesel and 3.07 million gallons of premium diesel and the MT Intan Premier carrying 2.67 million gallons will dock at the respective terminals and the unloading of fuel oil will be undertaken. That being so, there is an adequate supply of fuel oil depending on the inventory conditions of oil tanks, fuel stations and distribution.

The prices of Octane have been sliding this week, whereas the prices of diesel slightly rose. There is no significant price movement in the domestic fuel oil market. The committee is importing fuel oil to avoid a shortage in the market. A total of 2.26 million gallons of oil on 1 October, 5.05 million gallons on 3 October, 2.96 million gallons on 10 October and 6.92 million gallons on 12 October were unloaded respectively at the terminals of Thilawa Port. The fuel oil has gradually declined since the last week of September. On 27 October, the oil prices stood at K1,920 per litre of Octane 92, K2,015 for Octane 95, K2,610 for diesel and K2,695 for premium diesel. 

Source: The Global New Light of Myanmar

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Nearly six million gallons of fuel oil are being dumped at Thilawa port, and based on the remainder of the Yangon Thilawa oil tank, it is announced that there is self-sufficiency in fuel

Nearly six million gallons of fuel oil are being dumped in Thilawa port, and the remainder of the Yangon Thilawa oil tank, The Motor Fuel Import, Storage and Distribution Business Supervisory Committee has announced that there is self-sufficiency in motor fuel according to the remaining conditions of motor fuel stores and distribution. On October 17th, the MT ARDBEG ship loaded 92 Ron 0.42 million gallons of gasoline and 2.80 million gallons of premium diesel oil at the terminals in Thilawa Port, Yangon Region, on October 17th. MT Glory Star ships 1.22 million gallons of regular diesel and 1.50 million gallons of premium diesel. It is reported that the oil spill is being carried out.

As of October 16, Yangon Thilawa oil reservoir balances; It has been verified that there is self-sufficiency in fuel according to the balance of fuel stores and distribution. As for fuel prices, the global fuel prices have decreased slightly this week, while domestic fuel prices have remained stable. In order to ensure domestic fuel sufficiency, the Motor Fuel Import, Storage and Distribution Supervisory Committee conducts regular checks and imports according to type of motor fuel. On October 10, 92 Ron 0.02 million gallons of gasoline and 2.80 million gallons of premium diesel from the MT YU DONG ship at the Terminals in Thilawa Port, Yangon Region. 

92 Ron zero 14 million gallons of gasoline were also unloaded from MT Bowmore. On October 3, MT YU HAI unloaded 1.87 million gallons of 92 Ron gasoline and 3.18 million gallons of premium diesel at Termianl in Thilawa Port. On October 18, 2675 kyat per liter of diesel in Yangon region. 1955 kyats per liter of octane 92; Octane 95 was 2025 kyats per liter.  As for domestic fuel prices, on October 11, 2022, diesel was 2,800 kyats per liter. Octane 92 is 2025 kyats per liter. Octane 95 was 2,080 kyats per liter. 2,460 kyats per liter of diesel on October 1.

Octane 92 is 2045 kyats per liter. Octane 95 was 2115 kyats per liter. On September 24, 2,645 kyats per liter of diesel. Octane 92 is 2150 kyats per liter. Octane 95 was 2,225 kyats per liter. As the business supervision committee publishes the reference prices of motor oil daily, the MOPS price published daily by Singapore keeps the fixed exchange rate of the Central Bank of Myanmar. Premium underestimate profit percentage calculated and released based on the transportation costs (Transport Charges). As the business supervision committee, in cooperation with the Myanmar Fuel Import, Sales and Distribution Association, the relevant region, According to the state’s townships, fuel needs are distributed based on fuel balance.

Source: The Global New Light of Myanmar

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Fuel prices rebound to K2,000 per litre

The price of Octane 92 has gone up to K2,000 per litre again, according to the fuel oil market. The fuel prices fluctuated starting from the last week of September. On 5 October, oil prices fell to K1,880 per litre for Octane 92, K1,950 for Octane 95, K2,565 for premium diesel and K2,480 for diesel. The prices rebounded to K2,000 for Octane 92, K2,045 for Octane 95, K2,790 for premium diesel and K2,705 for diesel on 7 October, showing an increase of K100-200 per litre within two days. The domestic fuel prices are tracking the rise in 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.

The committee is governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and ensuring price stability for energy consumers. The committee draws up Standard Operating Procedures (SOPs) on fuel import, storage and distribution and sends reports of fuel import matters to the Foreign Exchange Supervisory Committee. Last September, fuel importers had an import quota of 233,594.60 tonnes of fuel oil, with 80,499 tonnes of gasoline and 153,095.60 tonnes of diesel. The Petroleum Products Inspection and Supervision 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 is set on the MOPS’ price assessment, shipping cost, profit margin, premium insurance and other general costs. The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily cover on the state-run newspapers and are posted on the media and official website and Facebook page of the department on a daily basis 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 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

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Trafigura’s Puma Energy to sell Myanmar business to local private company

Trafigura’s Puma Energy, which is the main supplier of aviation fuel in Myanmar, has signed an agreement to sell its stake in Myanmar to a local private company, according to the official statement on 5 October.

Following a board decision to exit Myanmar earlier this year, Trafigura’s Puma Energy has signed an agreement to sell its stake in Puma Energy Asia Sun (PEAS) and National Energy Puma Aviation Services (NEPAS) to a locally owned private company.

National Energy Puma Aviation Services Company (NEPASC), a joint venture between Singapore-based Puma Energy and state-owned Myanmar Petrochemical Enterprise, has executed the jet fuel business since 2015.

Source: The Global New Light of Myanmar

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Over 8 mln gallons of fuel unloaded at Thilawa Port

MT Synergy docked at Thilawa Port and unloaded fuel oil as of 28 September at the terminals of the Thilawa Port in Thanlyin township, the Ministry of Commerce stated. There were 2.45 million gallons of 92 gasoline and 6.14 million gallons of premium diesel on board the vessel, it was reported.

In addition, MT Yu Yi has been unloading 1.86 million gallons of diesel and 2.17 million gallons of premium diesel whereas MT Harmony One has been unloading 2.13 million gallons of 92 gasoline at the terminals of the Thilawa Port in the Yangon Region since 25 September.

In Yangon, prices of fuel do not drop below K2,000 per litre. On 30 September, 92 gasoline was priced at K2,060 per litre, 95 gasoline at K2,150 per litre, diesel at K2,575 per litre and premium diesel at K2,660 per litre, according to statistics.

Source: The Global New Light of Myanmar

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Over 6 mln gallons of oil unloaded at Terminals of Thilawa Port

The tanker ships carrying more than six million gallons of fuel oil docked at the Terminals of Thilawa Port in the Yangon Region, according to the Ministry of Commerce. On 25 September, the MT Yu Yi ship unloaded 4.03 million gallons of diesel- 1.86 million gallons of diesel HSD and 2.17million gallons of premium diesel PHSD while the MT Harmony One vessel 2.13 million gallons of 92 Ron.

The Supervisory Committee on Import, Storage and Distribution of Fuel Oil drew up the Standard Operating Procedures (SOPs) on fuel import, storage and distribution and reported the fuel imports to the Foreign Exchange Supervisory Committee in September. It allowed 233,594.60 tonnes of fuel oil imports—80,499tonnes of petrol and 153,095.60tonnes of diesel.

According to the remaining amount of fuel oil at the Thilawa fuel storage tank, fuel stations and distribution rate, the country has enough stocks of fuel oil, according to the committee. The officials distribute the fuel oil to the fuel stations across the nation by oil browsers, tankers and trains in time. There are over 2,000 fuel stations and about 70 local oil import companies in Myanmar. Before the Ukraine-Russia conflict, the global crude oil price was $91 per barrel on 24 February and it reaches about $110 now.

When the global oil prices are increasing, the local prices are also on the rise, the oil trader said. According to the global crude oil market on 27 September, the market started at $84.05 and the market price was $84.46 in trading. The price was higher by $0.40 compared to the prices on 26 September. The global crude oil price plunges to the lowest level since January and it is stable and high again due to the rising dollar exchange rate and control of the Central Bank of the United States, market analysts said. 

Source: The Global New Light of Myanmar

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Over 230,000-tonne quota set for fuel oil importers in Sept

More than 230,000 tonnes of fuel oil were allowed to be imported in September 2022, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil. The committee draws up Standard Operating Procedures (SOPs) on fuel import, storage and distribution and reports fuel import matters to the Foreign Exchange Supervisory Committee. This month, fuel importers have an import quota of 233,594.60 tonnes, with 80,499 tonnes of gasoline and 153,095.60 tonnes of diesel. That is why fuel oil is sufficient in the domestic market.

Oil tankers are unloading fuel oil at terminals of Thilawa Port; with 51.17 million gallons of diesel and 60.37 million gallons of premium diesel unloaded by MT Yu Dong ship and 42.33 million gallons of Octane 92 and 92.25 million gallons of diesel by MT Yu Hai. The committee is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate is set on the MOPS’ price assessment, shipping cost, profit margin, premium insurance and other general costs. On 23 September, the prices stood at K2,240 per litre for Octane 92, K2,320 for Octane 95, K2,730 for diesel and K2,815 for premium diesel.

However, the market prices are way higher than the reference rates. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law if they are found overcharging. Additionally, the committee in cooperation with Myanmar Petroleum Trade Association has been distributing fuel oil efficiently to ensure energy sufficiency in each township of the regions and states. However, armed groups’ attacks on fuel oil browsers and barges caused delays in supply to the fuel stations at some townships, according to a statement.

Therefore, to fulfil the energy requirements in some regions and states, the committee is supervising fuel oil import via cross-border areas under the approval of the related state government. Last April, some petrol stations allegedly suspended fuel sales and set limited sales, sparking consumers’ concerns and raising fuel prices. The committee was formed to steer the oil sector effectively not to have a shortage of oil in the domestic market and ensure price stability and quality for energy consumers. Ninety 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 in 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

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Fuel oil price remains elevated despite decrease in Kyat-dollar exchange rate

Fuel oil price continues an upward spiral even after the Central Bank of Myanmar tried to stop the depreciation of the Kyat against safe-haven dollars, the fuel market’s data indicated. In late August, Kyat weakened against the strong dollar at over K4,500. At present, the exchange rate slid to around K3,200.
The fuel prices continued to spike. The prevailing fuel prices touched a high of K2,485 per litre for Octane 92, K2,575 for Octane 95, K3,065 for premium diesel and K3,150 for diesel. The CBM also announced on 30 August that it will provide more than US$200 million through the foreign exchange market according to the decision made by Foreign Exchange Supervisory Committee in order to ease the commodity inflation triggered by fuel price spike.

Later, the fuel prices slightly declined. At present, fuel prices have risen in the domestic market. The Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil stated that domestic fuel prices follow the price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in Southeast Asia. The committee is governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and ensuring price stability for energy consumers.

The Petroleum Products Regulatory 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’ 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 cover on the state-run newspapers and are posted on the media and official website and Facebook page of the department on a daily basis 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 in 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