MYANMAR imported US$2.7 billion worth 4.6 million tons of fuel oil over the past ten months of the current fiscal year, accord-ing to the Ministry of Commerce. The import volume is down by 440,000 tons and so, the import value plunged by $320 million compared to the corresponding period of last fiscal year.
As of 2 August, the country imported over a billion-dollar worth 1.75 million tons. The im-port value was up by $19 million against a-year ago period.
Meanwhile, diesel import reached 2.88 million tons, with estimated value of $1.68 million. The import this year fell, which was down by $346 million from last year, according to the Com-merce Ministry.
Oil price rebounded last Friday on the back of some positive US crude data, according to global market. Brent crude oil price yesterday ranged $58.64 per barrel while WTI crude was priced around $54.8 a barrel, according to global oil markets.
Fuel oil fetched around at K750-795 for Octane 92, K840-885 for Octane 95, K850-890 for diesel and K860-900 for premium die-sel yesterday in domestic retail market, according to Myanmar Petroleum Trade Association.
As oil price extended drop in the global market following up the escalating the US-China trade war, domestic fuel oil price saw a gradual decrease in the past three months.
Last year, with increase in global crude oil price and the Kyat weakening against US dol-lar, oil prices hit a high of Ks1,065 per liter for Octane 92, Ks1,115 for Octane 95, Ks1,085 for diesel and Ks1,105 for premium diesel on 10 October 2018.
Then, domestic fuel oil touched a low of K695 for Octane 92, K760 for Octane 95, K870 for diesel and K875 for premium die-sel on 1 January. Then, the price surged to above K1,000 per liter in April and plunged to below K1,000 in June, according to local oil market.
Ninety per cent of fuel oil is imported from abroad while 10 per cent is locally produced.
Myanmar imports fuel oil primarily through Singapore, with monthly export of 200,000 tons of gasoline and 400,000 tons of diesels. There are 2,000 fuel stations and 50 oil importer com-panies in Myanmar.—GNLM
(Translated by Ei Myat Mon)