The already high price of domestic fuel oil has risen due to the rise in global oil prices and the dollar price, the oil suppliers told Than Lwin Times.

In the first week of January, the global price of a barrel of crude oil jumped from around 74 US dollars to 80 dollars now.

In the open market, the dollar rose slightly from 2,850 kyats to 2,880 kyats.

The price of gasoline (95) per liter increased from around 2100 kyats to around 2300 kyats, while diesel prices go up from 2350 kyats to around 2560 kyats per liter.

The price of fuel oil has risen in relation to the global oil price, the exchange rate of the Singapore dollar and the US dollar, so the price of gasoline will not fall until the end of this month, according to the trader.

When the price of domestic motor oil dropped, the military council only gave it a quota and did not sell as much as was required for the sellers to stock up, causing the price to soar.

The military council imported fuel from Russia in an attempt to reduce domestic fuel prices, but it did not make it to the market, therefore the price of fuel did not change considerably.

The junta-controlled Central Bank promised to provide more than 200 million US dollars through the financial market on August 31 last year aiming to reduce the rise in the prices of basic goods due to the high price of fuel, but the price of fuel has not decreased significantly.

Under the NLD government in Myanmar, one liter of gasoline cost around 600 Kyats, but after the military coup, the price has more than quadrupled, and price volatility occurs almost every day.