Central Bank to sell $35 million for fuel imports
65
NP News - Nov 18
The Central Bank of Myanmar (CBM) has announced that it will sell $35 million to the import of fuel into the country.
On November 17, the CBM announced the sale of U.S. dollars for the import of diesel, with the exchange rate dropping to as low as 4,350 kyats per U.S. dollar.
Although diesel prices remain stable in Yangon, consumers report that prices are rising in border areas.
“Apart from Yangon, Naypyidaw, and Mandalay, where there haven't been significant price changes, the fuel market in cities affected by armed conflicts remains unstable. Currently, only fuel from China is available, and domestic fuel imports are not accessible in Muse Township. Even those importing fuel are only able to source enough for their business operations,” said a wholesale and retail fuel importer.
The fuel prices in Yangon as of November 17 are as follows: 92 Ron gasoline at 3,010 kyats per liter, 95 Ron gasoline at 3,200 kyats per liter, HSD (500ppm) diesel at 2,665 kyats per liter, HSD (50ppm) diesel at 3,310 kyats per liter, and HSD (10ppm) diesel at 3,310 kyats per liter.
Compared to last month, fuel prices have decreased by 20 to 80 kyats per liter, and it is also expected that the U.S. dollar will continue to decline.
Currently, the CBM will sell $35 million to businesses importing fuel through the foreign exchange market (FX Trading Platform). It is expected that the U.S. dollar exchange rate will remain stable in the coming days.