The fuel price per litre on April 23 had fallen to K310 for Octane 92, K440 for Octane 95, K760 for Octane 97, K450 for diesel and K460 for premium diesel. That is less than half the prices in January, before COVID-19 was declared a global pandemic. 

Like the rest of the world, fuel traders said this is due to a drop in demand for transport as people are told to remain at home.

“Sales at petrol stations have fallen and we are incurring many losses,” a senior official at a local fuel distribution company told The Myanmar Times.  “Moving forward, we might show negative growth. Nobody makes profits during this time. Most are incurring losses.”

Oil prices have also collapsed globally, with WTI at just US$16.50 per barrel on April 24 and Brent crude at around US$21 per barrel. While this could be an opportunity for local fuel importers to take advantage of lower prices, traders are reluctant to do so due to poor demand locally.

In fact, many had purchased and stocked fuel before Thingyan, only to declare losses with prices much lower now than before the holidays.   

Myanmar imports the bulk of its fuel requirements, with imports reaching US$3 billion in total during fiscal 2018-19, according to the Ministry of Commerce. – Translated

Source: https://www.mmtimes.com/news/fuel-prices-record-low-myanmar.html