Due to rising price of gold and crude oil on global markets, the prices of both commodities are also increasing in Burma.

According to a gold shop owner in Rangoon the highest price for gold in Burma reached 602,000 kyat (US $482) per tical (6.4 grams) on Tuesday from 599,000 kyat ($479).

A sales assistant displays gold products at a shop in Rangoon. The price of gold rose to about 600,000 kyat per tical on Wednesday. [Photo: The Myanmar Times]
Currently on the global market, the price of gold has risen above $900 per ounce while diesel oil price is priced at $2.535 per gallon (3.8 liters). Gasoline is at $2.293 per gallon.

The high price of gold does not affect many ordinary people in Burma as few can afford to buy it. In addition, the military government forbids the press from reporting gold prices.

Speaking to The Irrawaddy on Wednesday, an employee at a trading company in Rangoon said, “Whether the price of gold and the dollar go up or down, it still won’t make any difference to working class people who are already suffering.”

However, an increase in fuel prices will affect everyone as soon as all other commodities go up in price.

A black market fuel trader in Rangoon, who spoke to The Irrawaddy anonymously on Tuesday, said that one gallon of diesel currently costs 4,700 kyat ($3.76) and a gallon of gasoline is 4,800 kyat ($3.84).

Five days ago, diesel was priced at 3,800 kyat ($3.04) to 4,000 kyat ($3.2) and gasoline was 4,200 kyat ($3.36).

The fuel trader said that the increase in fuel prices was not good for anyone and slowed down the trade in fuel.

“People are now afraid to buy and sell fuel,” he said.

In August 2007, the Burmese military government suddenly increased the price of fuel, infuriating an already cash-strapped populace and leading to the September uprising, which was brutally put down by the military regime.

According to Bayint Naung Wholesale Market in Rangoon, low-quality rice is currently priced at 7,000 kyat ($5.6) for one basket (approximately 20 kilograms per basket) and the high-quality price is between 19,000 kyat ($15.2) and 25,000 kyat ($20).

Last week, low-quality rice was costing 5,500 kyat ($4.4) per basket while high-quality rice was selling for 16,000 kyat ($12.8) to 22,000 kyat ($17.6) per basket.

In Burma, the average daily salary is less than $1.