11 October 2018
The fuel importers mainly import fuel for domestic use from Singapore, and the fuel price has been changed depending on Means of Platts Singapore and currency exchange rate.
Officials said during a press conference at the Ministry of Electricity and Energy in Nay Pyi Taw on Thursday.
They pointed out that during this period of the year, the world fuel price use to increase. The increase in currency exchange rate also one of the reasons.
To relieve the burden to some extent, the Ministry is distributing regular grade gasoline for motorcycle with reasonable price.
Managing Director, Myanma Petrochemical Enterprise, Aung Myint said “The Ministry is now distributing regular grade gasoline which is used for motorcycles in the market. The distribution has been made for four times with 3 million gallons each time starting from 20th April this year. The fifth batch of 200,000 gallons is now distributing in the market with 3800 kyats per gallon.”
Fuel needs for local consumption has been refined at three oil refineries owned by the State. Officials said these refineries can fulfill on 7% of the market demand.
The Myanmar Investment Commission has lessened the policy for fuel distribution in April this year.
Managing Director, Myanmar Petroleum Products Enterprise, Thant Zin said “We have already opened foreign investment in fuel distribution. The companies are expected to come and they are now making the feasibility study. We opened for the investment. They can invest 100% of their own or joint venture with a local company.”
At present, the fuel distribution license was granted to Puma Energy for fuel distribution in local market.