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NEWS: Burma Raises Fuel Prices 900%

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posted on Oct, 19 2005 @ 10:19 AM
Burma (aka Myanmar) will raise its state-subsidised fuel prices from 180 kyat ($0.15) per gallon of petrol to 1,500 kyat ($1.22). The poor Asian nation is currently under economic sanctions. The sanctions were imposed due to the Burmese government scrapping legitimate election results which would of replaced the existing military junta. The highly subsidised fuel would of been seriously eroding Burma's precious reserves of foreign currency.
Burma is set to raise state-subsidised petrol prices nine-fold, with the new prices taking effect on Thursday, according to news agencies.

The increase has not been announced officially, but drivers learned about it from notices at petrol stations.

Correspondents say the hike will have a huge impact on car owners and could lead to inflation.

Burma, one of Asia's poorest countries, has to use valuable foreign currency to import most of its energy needs.

"A gallon of petrol or diesel will be 1,500 kyat ($1.22) with effect from 20 October," a manager of a state-owned fuel filling station told Reuters news agency on Wednesday.

The current fuel price is 180 kyat ($0.15) per gallon for petrol and 160 kyat ($0.13) per gallon for diesel.

Please visit the link provided for the complete story.

Even remote countries with highly subsidised fuel in places like Burma are now feeling the global fuel pinch. Probably more so because they were subsidised to start with. 900% fuel increases would likely kill most Western nations' economies. I highly doubt whether Rangoon can survive these prices. The knock on effect of massive fuel increases cannot be hidden by any amount of central control.

Inflation will run rampant and the poor will become destitute. Can an unpopular military junta hold onto power when such charismatic opposition leaders like Sung San Sou Kyi are around?

[edit on 19/10/05 by subz]

posted on Oct, 19 2005 @ 11:54 AM
Is it possible to import gasoline from other countries? With the proper permits I could go buy gasoline at some poorer countries traditionaly from their pumps and just bring it back here and sell it for a dollar less what we charge. We could make a killing!

posted on Oct, 19 2005 @ 07:46 PM
Seriously is it possible? Could we bring gasoline from another country and sell it here? # it used to be the equivelant of 15 cents. If it is possible perhaps we could use the money to start a new media company that does not bend to the thoughts of the government.

posted on Oct, 19 2005 @ 08:09 PM
This is a non issue it was the government of Burma that bumped the price of gas that high not the world market.

posted on Oct, 19 2005 @ 08:30 PM
Sometimes I wonder if trade sanctions actually play into favor of miltary ruled nations. The poor end up with the short end of the stick, unless they join the army.

Unemployment rate: 5.2% (2004 est.)
Population below poverty line: 25% (2000 est.)
Currency: 1200 Kyat to the US dollar (currently)

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