Myanmar to liberalize fuel import

Myanmar is deliberating on liberalizing the import of fuel by allowing the private sector to undertake the business in a bid to increase production, the local weekly Myanmar Times reported in this week’s issue.

Private business organizations are set to seek fuel import through the Trade Council, the country’s highest authority in charge of export and import trading businesses, the report said, quoting the Export and Import Supervisory Committee.

The move will signify the first ever allowance for the private sector to import fuel.

Figures from the Ministry of Energy show that Myanmar produces about 80 million gallons of diesel annually for domestic demand, while importing the fuel worth some 330 million gallons a year over the past few years.

Diesel consumption has tripled in the last decade, while demand for petrol has doubled, the figures also indicate.

Xinhua