THE regulated fuel price caps further declined by K445 per litre compared to the previous week.

The reference prices were set at K3,360 for Oc­tane 92 and K3,410 for Octane 95, K3,090 for diesel and K3,800 for premium diesel during the week ending 9 July. The prices set during last week ending 2 July declined to K3,615 for Octane 92 and K3,695 for Octane 95, K3,535 for diesel and K4,190 for premium diesel.

The prevailing pric­es continue to fall for the sixth consecutive month. The prices set during the week ending 4 June were K4,550 for Octane 92, K4,620 for Oc­tane 95, K4,595 for diesel and K5,550 for premium diesel.

Fuel prices are di­rectly influenced by fluctuations in the kyat- US dollar exchange rate. The price index set by Mean of Platts Singapore (MOPS), the pricing ba­sis for many refined prod­ucts in South-East Asia, influences the domestic fuel prices, according to the Supervisory Commit­tee on Oil Import, Stor­age and Distribution of Fuel Oil.

The committee is governing the market to ensure a stable price and secure supply. Under the guidance of the Supervi­sory Committee, the Pe­troleum Products Reg­ulatory Department has been issuing daily refer­ence wholesale prices to ensure price stability for energy consumers.

The committee is inspecting the fuel sta­tions to see whether they are overcharging. Authorities are taking action against fuel sta­tion retailers found over­charging beyond the set reference rate under the Petroleum and Petrole­um Products Law of 2017.

As per the state­ment, 90 per cent of fuel oil in Myanmar is import­ed, while the remaining 10 per cent is produced locally. Domestic fuel prices are highly corre­lated with internation­al prices. “The State is guiding the market to offset losses faced by importers, retailers, and energy consumers, while working to distribute oil at reasonable prices compared with regional standards.

While some coun­tries impose higher tax­es and fuel prices than Myanmar, Malaysia’s oil sector benefits from government subsidies, keeping prices about 60 per cent lower. Each nation adopts different policy approaches to regulate fuel costs, the Supervisory Committee on Oil Import, Storage, and Distribution of Fuel Oil stated. — NN/KK