CBM sells $81 million to fuel importers to help stabilize domestic fuel prices

by · Eleven Media Group Co., Ltd

The Central Bank of Myanmar (CBM) has sold US$81 million to fuel importers, while domestic fuel prices have declined for the fifth consecutive week, according to the Fuel Import, Storage and Distribution Supervisory Committee.

As of May 22, the reference fuel prices in Yangon were set at 4,585 kyats per litre for 92 Ron, 4,650 kyats per litre for 95 Ron, 4,460 kyats per litre for diesel, and 5,485 kyats per litre for premium diesel.

Compared with the previous week, prices for 92 Ron and 95 Ron gasoline rose slightly by 20 kyats and 5 kyats per litre respectively. However, diesel prices dropped significantly, with diesel decreasing by 360 kyats per litre and premium diesel by 330 kyats per litre. The committee stated that this marks the fifth straight week of declining fuel prices.

Fuel reference prices are updated every Friday, the final working day of the week.

The CBM announced on May 20 that it had sold US$81 million to fuel importers. Earlier, on May 5, the central bank sold US$135.31 million for fuel imports, bringing the total amount sold so far to US$216.31 million.

The Ministry of Electricity and Energy said the government is closely coordinating efforts to prevent sharp increases in domestic fuel prices despite rising global oil prices. The ministry also said Myanmar currently has sufficient fuel reserves for 60 days and urged consumers to purchase only the amount of fuel they actually need to help ensure stable supply and efficient consumption.

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