State-run fuel filling stations in Yangon Wednesday raised the official prices of fuel supplied to private vehicles to a new record high in less than two years since October 2005 with the supply quota remaining unchanged.
The petrol prices were raised by 66 percent to as high as 2,500 Kyats (about 1.96 U.S. dollars) from the previous 1,500 Kyats (1. 18 dollars) per gallon, while those of diesel by 100 percent to 3, 000 Kyats (2.36 dollars) from 1,500 Kyats (1.18 dollars) per gallon.
The Myanmar government has maintained constant supply of fuel domestically at a heavy subsidized lower prices in the past.
The decision of raising the fuel prices is seen as being made in line with the rise of world oil prices.
The controlled supply quota remains unchanged at two gallons per day per car.
However, it still arouses general worry about the hike of commodity prices to a wider scale impacted by the fuel price hike.
The official and market prices of fuel have constantly remained a wide gap ever since with the market prices on Tuesday trading at 3,300 Kyats (2.59 dollars) per gallon for petrol and about 4,200 Kyats (3.3 dollars) for diesel.
In October 2005, Myanmar raised the fuel prices by nearly 900 percent to a record high of 1,500 Kyats (1.22 dollars) from the previous 180 Kyats (0.14 dollar) per gallon for petrol and from 160 Kyats (0.13 dollar) per gallon for diesel.
Impacted by the price hikes, the market prices once soared to as high as 3,500 Kyats (2.84 dollars) per gallon for petrol and 4, 500 Kyats (3.65 dollars) for diesel.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article