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Mizzima: In Burma, Fuel crisis deep
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In Burma, Fuel crisis deepens and Kyat continues to sink
Rangoon, May 16, 2001
Mizzima News Group (www.mizzima.com)
With the petrol and diesel prices jumping up for about 50% in the last
few months and the country?s foreign currency reserve crumbled with the
beleaguered Kyat currency, many businesses in Burma have been
depressing. In the capital Rangoon, the price of a gallon of petrol is
at present 900 Kyat and diesel is 950 Kyat in black market while the
same was around 600 Kyats last month.
The people continue to face the fuel shortage despite the fact that
government has been subsidizing petrol and diesel two gallons per day
per vehicle with Kyat 180 and Kyat 160 for a gallon of petrol and diesel
respectively. There are also reports that the government will ration
only a gallon a day by the end of this month.
Due to the continuing fuel crisis, major export businesses of the
country have been badly affected. As electricity in Burma is an all-time
failure, many businesses like garment business have to depend on diesel
for continued existence.
The prices of gold, cars and other imported items have also risen along
with the inflation. ?I sold a Supersloon with 44 lakhs Kyats yesterday.
I would get only 35 lakhs if I sold it last month?, a car dealer said.
The shortage of hard currency in the hands of government has stopped the
flow of importing new cars into the country.
Taxi drivers on the streets are also affected. ?I have to raise the taxi
rate because the petrol?s prize is increasingly higher. But the
passengers do not want to give the rate I ask?, said a taxi driver in
Rangoon. ?I have to buy the petrol from black market with high price.
But I don?t get a full gallon?, he complained.
Meanwhile, Burmese Kyat currency continues to tumble down to a new all
time low of Kyat 850 to US one dollar today. It was 390 to the dollar in
August last year. A cup of tea in Rangoon is 50 Kyats while it was 25
Kyats three months ago.
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<center><font color="#3333FF"><font size=+1>In Burma, Fuel crisis deepens
and Kyat continues to sink</font></font></center>
<p><i><font color="#FF0000">Rangoon, May 16, 2001</font></i>
<br><i><font color="#FF0000">Mizzima News Group (<a href="http://www.mizzima.com";>www.mizzima.com</a>)</font></i>
<p>With the petrol and diesel prices jumping up for about 50% in the last
few months and the country?s foreign currency reserve crumbled with the
beleaguered Kyat currency, many businesses in Burma have been depressing.
In the capital Rangoon, the price of a gallon of petrol is at present 900
Kyat and diesel is 950 Kyat in black market while the same was around 600
Kyats last month.
<p>The people continue to face the fuel shortage despite the fact that
government has been subsidizing petrol and diesel two gallons per day per
vehicle with Kyat 180 and Kyat 160 for a gallon of petrol and diesel respectively.
There are also reports that the government will ration only a gallon a
day by the end of this month.
<p>Due to the continuing fuel crisis, major export businesses of the country
have been badly affected. As electricity in Burma is an all-time failure,
many businesses like garment business have to depend on diesel for continued
existence.
<p>The prices of gold, cars and other imported items have also risen along
with the inflation. ?I sold a Supersloon with 44 lakhs Kyats yesterday.
I would get only 35 lakhs if I sold it last month?, a car dealer said.
The shortage of hard currency in the hands of government has stopped the
flow of importing new cars into the country.
<p>Taxi drivers on the streets are also affected. ?I have to raise the
taxi rate because the petrol?s prize is increasingly higher. But the passengers
do not want to give the rate I ask?, said a taxi driver in Rangoon. ?I
have to buy the petrol from black market with high price. But I don?t get
a full gallon?, he complained.
<p>Meanwhile, Burmese Kyat currency continues to tumble down to a new all
time low of Kyat 850 to US one dollar today. It was 390 to the dollar in
August last year. A cup of tea in Rangoon is 50 Kyats while it was 25 Kyats
three months ago.
<p> </html>
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