CBM sells US dollars to fuel importers as fuel prices decline for third consecutive week

The Central Bank of Myanmar (CBM) is selling US dollars to fuel importers, while domestic fuel prices have declined for the third consecutive week, according to the Fuel Import, Storage and Distribution Supervisory Committee.

On May 8, the reference fuel prices in Yangon were set at 4,500 kyats per litre for 92 Ron, 4,650 kyats for 95 Ron, 5,050 kyats for diesel and 6,070 kyats for premium diesel.

Compared with May 1 prices, 92 Ron fell by 15 kyats per litre, 95 Ron by 20 kyats, diesel by 225 kyats and premium diesel by 385 kyats per litre. On May 1, the reference prices stood at 4,515 kyats for 92 Ron, 4,670 kyats for 95 Ron, 5,275 kyats for diesel and 6,455 kyats for premium diesel.

The committee’s price statements show that fuel prices have been falling for three consecutive weeks, with weekly price adjustments announced every Friday.

Despite rising global fuel prices, the government said it is closely coordinating efforts to prevent sharp increases in domestic fuel prices. Authorities also announced that the country has sufficient fuel reserves for 60 days and urged consumers to purchase only the amount of fuel they need instead of stockpiling.

On May 5, the CBM announced that it would sell US$135.31 million to fuel importers.