$4.426 billion USD worth of oil products were imported into Myanmar in the first 10 months of the 2022-23 financial year.

More was spent on oil than any other imported commodity, according to figures released by the Military Council’s Ministry of Economy and Commerce.

Oil products covers all oil-based fuels, including petrol, diesel, kerosene and aircraft fuel.

The price of oil products in Myanmar this financial year has been volatile. Currently, the price of fuel oil is expensive, averaging about 2,000 kyats a litre.

Russia has announced that in March it will be reducing its oil output by 5 per cent, equivalent to 500,000 barrels of oil a day. Whilst this will not directly affect the Myanmar fuel market it may raise the global price of oil, which could have an impact on the Myanmar domestic market.

Human rights organisations have called on foreign governments to sanction the sale of aviation turbine fuel (ATF) to Myanmar because the junta is using it to fuel the planes it uses in airstrikes against civilian targets.

Myanmar produces oil and gas with the help of foreign companies. But, there are no refineries in Myanmar that can produce ATF domestically, all fuel, for both military and civilian aircraft has to be imported.

The EU has imposed sanctions on Myanmar Oil and Gas Enterprises (MOGE) and on 20 February 2023 it announced further sanctions against nine individuals and seven companies involved in supplying Myanmar with ATF and weapons.