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Second India-Japan strategic dialogue on economic issues
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Fastest Growth for Thailand Economy in Six Quarters
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Taiwan Enjoy Expanded Trade Surplus
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Burma In Unprecedented Fuel Hike
by Stewart DouglasThe Burma Government ordered a steep price hike in fuel at its state-run petrol stations, a move that left many stranded with no way home.
The move came without warning from the Burma government, and has shocked analysts and energy experts worldwide, leaving the economy stuck for fuel and energy at the present moment.
The orders came directly from the energy minister last night, with no reason or justification for the drastic price hikes.
Energy prices across Burma were hit with petrol and diesel from the pump doubling and natural gas increasing by 500%, leaving many homes and businesses with no hope of affording their bills.
The price hike put a stop to most of the regular bus services, with those that chose to stay in operation dramatically increasing fares in order to cover the cost of transport.
One commuter told a French news agency that he couldn’t afford to pay for his return fare, after the fuel price increases were passed on to consumers on the few remaining bus routes.
Taxis were also forced off the roads, unable to pay for the cost of their fuel from regular fares that would have been more than sufficient just 24 hours before.
Military-run Burma has seen prices rise for the first time in over two years, with petrol leaping from $1.17 per gallon to $1.95, and diesel rising from $1.17 to $2.35 overnight.
The move is almost certain to lead to widespread inflation, as the market tries to adjust to the new pressures on fuel and energy.
Analysts quote underlying mismanagement as a major contributor to the ongoing economic problems of the nation.
With fuel rationed under normal circumstances, there is a lucrative black market for petrol and diesel, which looks set to garner more momentum after today’s news.
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