THE Yangon Region government
is making arrangements
to reduce the price of fuel oil,
as the domestic prices are high
compared with global prices.
“We can control the price of
fuel oil if we can store a million
gallons. Now, the price is under
the control of those who are
permitted to store the fuel oil.
In the 2018-2019 fiscal year (FY),
the Yangon Region government
plans to control these things.
We are planning to form a company,”
said U Phyo Min Thein,
Yangon Region Chief Minister,
during the 15th meeting between
the Vice President and entrepreneurs,
which was held on
7 March at the Republic of the
Union of Myanmar Federation
of Chambers of Commerce and
“Fuel prices can be controlled
if we purchase and store
the fuel oil for six months or a
year until the fuel price declines.
In times of emergency, it is important
for the country to be able
to store fuel oil for long periods
to maintain stability,” he added.
Dr. Win Myint, secretary of
Myanmar Petroleum Trade Association,
said the price of fuel
oil and the profit margin in the
2017-2018 FY were at the level
where they should be.
“We update the price of fuel
oil daily on our association’s
website. From the imported
price and wholesale distribution
price to the price in retail
shops, profit percentage and
transport charges, it can be
seen that the prices are stable
and reasonable,” he added.
“Many fuel oil shops were
opened on lands without La Na
39 (farm land used for other
purposes). There is no difficulty
in granting permission to open
a fuel oil shop according to the
procedure, but there can be objections
from neighbours. Then,
the shops can’t be opened,” said
U Phyo Min Thein.
There are some 70 fuel
oil importing companies, and
more than 2,000 fuel stations
in the country. Most of the fuel
is imported from Singapore.
Some 200,000 tonnes of petrol
and 400,000 tonnes of diesel are
imported into the country every
month. Petrol consumption in
Myanmar increased six-fold
over the past five years.