Petrol prices in Myanmar increased by about 300 kyats a litre, or about 15 per cent, in July, after having been stable for a few months.

“Normally it [the price of petrol] fluctuated but, following the 20,000 kyats banknote chaos, the price went up by 300 kyats in a month. For diesel there has been an increase of about 400 kyats when we compare today’s price to the price on 30 June”, said a fuel distributor.

In Mandalay between 30 June and 30 July the price of 92-octane petrol rose from 1,990 kyats to 2,280 kyat a litre; 95-octane petrol rose from 2,085 kyats to 2,395 kyats a litre; and diesel rose from 1,975 kyats to 2,360 kyats a litre, according to the Petroleum Products Regulatory Department. The price now seems to have stabilised at this new higher rate.

This is still lower than the all-time high for petrol prices in Myanmar which occurred between May and August 2022, when there was no 95-octane petrol for sale and 92-octane petrol cost over 2,600 kyats a litre.