Domestic fuel prices suddenly jumped 15 percent in one day

Domestic fuel prices suddenly jumped by 15% to over 16% on September 25th. Over the three months since the beginning of September, the price per liter increased by more than 100 Kyats, and although there were only slight changes in price, on September 25th, it suddenly surged by over 700 Kyats per day. Regarding retail prices in Yangon on September 25th, the price for gasoline 92 (92 Ron) was 4,450 Kyats with a 16.34% increase, gasoline 95 (95 Ron) was 4,600 Kyats with a 16.46% increase, diesel was 4,790 Kyats with a 15.42% increase, and premium diesel was 5,795 Kyats with a 13.75% increase. Because the price of gasoline suddenly increased, a taxi driver operating in Yangon said that the fares became more expensive and passengers could no longer travel. "When the fuel price rises, the car fares rise. Because of that, they cannot travel. Then they won't fit. Stop. And then they have to ask the passenger for a little more money. The passengers also cannot travel. Now, even those who travel all morning don't get anything. They only got 18,000. The passenger is finished. They don't travel without any reason anymore." The driver also expressed concern that the difficulties in the transportation industry would lead to further increases in commodity prices. Some rural areas in the Ayeyarwady Region, Bo Kalay Township, said on September 25th that they are paying up to 7,500 Kyats per liter for gasoline 92 (92 Ron). In areas with armed conflicts, locals said that the price for 92 Ron per liter is as low as about 15,000 Kyats. In an interview with Time magazine on September 23rd, the leaders of state-controlled, state-owned media admitted that there are impacts in the economic sector due to the economic sanctions imposed by the United States, and they admitted that there are restrictions on the banking system and money transfers, and difficulties in importing goods. Among the US sanctions, the main targets are the sources of foreign currency for the military authorities, including Myanmar's oil and natural gas industry (MOGE). The State Administration recognized that it imports fuel annually and uses a lot of foreign currency, and state-owned newspapers have stated that they will seek ways to reduce fuel imports.