Although fuel prices are falling in Yangon alongside the drop in the global oil prices, the fuel market of the city become colder because of the resurgence of COVID-19, according to the fuel market sources.
COVID-19 has brought down the global oil prices amidst the drop in the US Strategic Petroleum Reserve, and the fuel prices in Yangon are following the trend. “Because of the reapperance of COVID-19, there are less people on the streets, so the fuel market is in doldrums,” U Tin Min Lwin, general manager of Myat-Htut-Khaung filling station, told The Myawady Daily.
Fuel sales have become more sluggish as most of the people are staying indoors because of the increase in the number of townships affected by the stay home order, which is a result of the surge in the local infection rate, and the local travel ban.
“The fuel prices are falling at present. A number of positive cases have been found in Yangon, and the infection rate in most of the regions and states is also surging. So, restrictions have been enforced in many sectors, followed by a sluggish fuel market. Normally, rainy season is a bad time for us, so we are facing hardships now,” Daw Thida Kyaw, owner of a filling station in Yangon, also told The Myawady Daily. Global oil price fell from USD-42.91 per barrel on 1 September this year to USD- 37.38 per barrel at present. Foreign currency values are also falling in the local market where the buying price of a US dollar was Ks-1,337, and the selling price, Ks-1,340. Per litre fuel price of Octane 92 in Yangon fell from Ks-535 on 1 September to Ks-505 at present, that of Octane 95, from Ks-645 on 1 September to Ks-615 at present, that of Premium Diesel, from Ks-595 on 1 September to Ks-565 at present, that of Octane 97, from Ks-900 on 1 September to Ks-870 at present, and that of Diesel 500 ppm, from Ks-585 on 1 September to Ks-555 at present.
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