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Myanmar grants import licences for 1,870,000 tons of fuel, diesel

Myanmar grants import licences for 1,870,000 tons of fuel, diesel

NAYPYIDAW: In the first nine months of the 2015-2016 fiscal year, Myanmar granted import licences for over 1,870,000 tonnes of fuel and diesel, worth more than US$1 billion, according to the Ministry of Commerce.

From April 1 to December 25 last year, businesses received licenses for the import of over $358 million worth of fuel and over $690 million worth of diesel.

“This year’s imports of fuel and diesel are higher than those of the same period last fiscal year,” said an official from the Ministry of Commerce. Imports of fuel and diesel are mainly conducted via sea routes. Myanmar mainly imports consumer goods, raw industrial materials and industrial equipment.

The Central Bank of Myanmar sells dollars needed by local companies to by fuel, edible oil and other imports using a rate calculated by the CBM in conjunction with private banks.