19 April 2019
The fuel price in local market is high last year due to increase of exchange rate of dollar and global oil prices.
Although the price is down in this year, it is still over 1000 kyats per a liter due to manipulation of market by the businessmen.
In order to control the fuel price high, the Regional Government granted the establishment of Yangon Petrol Company. Although the company is running under the guidance of the Regional Government, there is no investment and financial assistance by the Regional Government, Chief Minister U Phyo Min Thein said.
Chief Minister, Yangon Region Government, H.E. Phyo Min Thein said “This company was established so as to control increasing price of the fuel. The price of fuel is changing daily depending on the exchange rate of the foreign currency. Yangon Petrol Company sells out fuel with not much profit to be more convenience for our people. We need to protect the rights of the consumer rights. If the businessmen earn more profits, our people will face difficulties such as more charges in transportation and commodity flow and promoting the logistic condition as well as the daily food product prices. And also, the basic level people will face many challenges in their transportation charges. So, we are making effort to control fuel price.”
The Chief Minister also called for cooperation of the private companies for reducing fuel price which is also important for stable economic condition of the country.
Chief Minister, Yangon Region Government, H.E. Phyo Min Thein said “During the previous government tenure, most of the fuel stations were handed over to the private sector. The previous government had made effort to reduce the fuel price and urged the companies to sell with a reasonable price but did not achieved good results. At present, the fuel stations have been provided with 10% privilege of the value of investments, but none of them sell out fuel with lower price. We would like to urge the Myanmar Petroleum Trade Association to cooperate with us for selling fuel in local market with reasonable price. It is important to control fuel price since it is concerned with stability of the country economy.”
Yangon Region Government plans to grant more Fuel Stations under the Yangon Petrol Company for the convenience of the consumers.