YANGON — The Yangon regional government will curb fuel price hikes as of this year, said Yangon Chief Minister U Phyo Min Thein.
The minister made the remark at a monthly meeting between Vice-President 1 U Myint Swe and businessmen at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Wednesday.
“We can stockpile millions of tons of fuel; we will be able to control fuel prices. But currently, it is under the control of licensed importers. The regional government is taking steps to control this. We are trying to establish companies.”
The chief minister agreed that the price of diesel and petrol is fairly high in Myanmar, while it is essential for commodity flow.
The chief minister suggested that prices could be controlled if enough fuel were stockpiled to last six months.
“It is not a commodity for which we need to calculate the price on a daily basis. We can buy fuel for a year’s time while prices are lowest and then send it to Yangon. But, we need a place to store it,” said U Phyo Min Thein.
“In case of an emergency in the country, we will be able to control political stability if we have fuel for long-term use stored. So, we are taking steps to bring down the price,” said the chief minister.
Myanmar Fuel Importer and Distributor Association secretary U Win Myint said that the current market price of fuel is reasonable.
“Our interest is just 1 to 2 percent,” he said.
U Win Myint added that he welcomed the regional government’s plan to enter the fuel import and distribution business, but that permission should be given to all eligible companies rather than favoring a particular company.
The wholesale price of diesel per liter in Yangon as of Wednesday was 750 kyats, RON 91, 758 kyats, RON 95, 750 kyats, and the retail prices vary at filing stations depending on costs for storage and transportation.
Translated from Burmese by Thet Ko Ko.