Junta To Monopolise Myanmar’s Fuel Market

Amid serious fuel shortages and price hikes in Myanmar, the military regime has formed a committee to import fuel from Russia, chaired by former Lieutenant General Nyo Saw, chairman of the military-owned conglomerate Myanmar Economic Corporation (MEC), in an attempt to monopolize the market. Nyo Saw is a long-time aide of junta leader Senior General Min Aung Hlaing. As the man who manages Myanmar military’s businesses, he plays a key role in financing the regime. The committee also includes military-linked cronies such as Maung Maung Naing, CEO of Yetagon Energy Co, who fronts businesses owned by Aung Pyae Sone, the son of junta leader Min Aung Hlaing, reports The Irrawaddy. The committee is tasked with purchasing, storing and distributing Russian fuel to the domestic market as well as to the Myanmar military and junta-controlled ministries. At a regime meeting this week, Min Aung Hlaing blamed suppliers for the soaring fuel prices in Myanmar, accusing them of manipulating the market. He told the Myanmar people not to worry as a steady supply of fuel purchased from Russia would arrive soon.