Domestic fuel prices double in just over two weeks amid Middle East conflict
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Htet Nadi/Pearl(NP News)-Mar 22
Investigations by The Statesman journal reveal that domestic fuel prices have doubled in just over two weeks due to the ongoing conflict in the Middle East.
On February 28 and March 1, when the conflict between the United States, Israel, and Iran began, the price of domestic fuel was 2,565 kyats per liter for Diesel, 2,845 kyats per liter for Premium Diesel, 2,415 kyats per liter for 92 RON OCTANE, and 2,415 kyats per liter for 95 RON OCTANE, and they remained unchanged until March 5.
Then, there were slight changes in the price of domestic fuel. From March 6 to March 12, diesel was sold at 2,610 kyats per liter, premium diesel at 2,905 kyats per liter, 92 RON OCTANE at 2,525 kyats per liter, and 95 RON OCTANE at 2,595 kyats per liter. From March 13 to March 19, prices increased slightly, with diesel being sold at 3,205 kyats per liter, premium diesel at 3,560 kyats per liter, 92 RON OCTANE at 2,830 kyats per liter, and 95 RON OCTANE at 2,930 kyats per liter.
As of March 20, the price of domestic motor fuel has increased significantly in line with global trends, with Diesel being sold at 4,390 kyats per liter, Premium Diesel at 4,820 kyats per liter, 92 RON OCTANE at 3,610 kyats per liter, and 95 RON OCTANE at 3,850 kyats per liter. This is about two times higher than the previous price at the beginning of March.
As fuel prices rise, taxi drivers operating in the city are charging higher fares, with some having to suspend operations. Some long-distance bus lines are also increasing fares and reducing routes.
"With current fuel prices, it is no longer easy to operate cars. Only CNG and EV vehicles are still somewhat viable. From what I can see, many vehicles are parked. As fuel prices rise, fares will also increase, as drivers try to cover their fuel costs. Many have stopped running Grab services and kilo-based taxis. For now, a large number of vehicles remain off the road," a taxi driver in Yangon told The Statesman.
Similarly, people are concerned that commodity prices will rise.
“President Trump is dragging the world into economic crisis, with his country’s economy in a state of decline and the difficulty of continuing to pull it back to its highest growth rate, and is pushing the Middle East into a state of war. The price of basic food items could rise. Soon, cycling may become more common. The global gold price will continue to fall. The Myanmar currency will fall in a similar way,” a retired special investigation officer told The Statesman.
The Iran vs. US, Israel conflict has caused an international fuel crisis. Like other countries in the world, Myanmar has introduced regulations to save fuel and ensure self-sufficiency. The government has adopted a system whereby vehicles and motorcycles can be driven on odd and even days based on their licence plate numbers, and fuel is sold on alternate days using an application to verify and limit sales by scanning wheel tax barcodes and QR codes. –