Central Bank of Myanmar (CBM) announced on September 30 that importing of fuel may use Chinese currency.
It said, according to the decision made by the foreign exchange supervisory committee meeting No-53/2022, on repaying the trade financing in foreign currency by companies that imported fuel, fuel importers may use Chinese currency “Yuan” to return some portion of SWAP facility they obtained and pay fuel cost in the future.
The authorized dealer banks provide service for retailing foreign currency proceeds of individuals and companies earned from overseas, money obtained from work payments, and U.S dollars purchased from 35 percent of export earnings and arrange repayment of SWAP and acquisition of trade financing depending on the amount repaid.
On October 1, 2022, a liter of diesel cost Ks.2460, a liter of 92 Ron cost Ks.2045 and a liter of 95 cost Ks.2115.
Supervisory Committee of Import, Storage and Distribution of Fuel Oil issued a statement that more than 8 million gallons of gasoline and diesel were unloaded at Thilawa Port and so it is sufficient for domestic consumption.
On September 28, MT. Synergy vessel docked Thilawa Port and carried out unloading of fuel oil at the terminal in Thilawa Port of Yangon Region. On that vessel, there were 2.45 million gallons of 92 Ron diesel and 6.14 million gallons of premium diesel, it said.
Supervisory Committee of Import, Storage and Distribution of Fuel Oil stated that since September 25, over 6 million gallons of gasoline and diesel were imported to Thilawa Port.
In addition to having enough domestic fuel, MT Yu Yi is unloading 1.86 million gallons of diesel and 2.17 million gallons of premium diesel at the terminals in Thilawa Port of Yangon Region.
MT Harmony One is unloading 2.13 million gallons of 92 Ron and so it is sufficient for domestic consumption, the committee said. Therefore, there is sufficient fuel for domestic consumption according to Supervisory Committee of Import, Storage and Distribution of Fuel Oil.