State Trading Organisation (STO) has increased the price of petrol and diesel sold in the Maldives.
In a press release, STO stated the increase in fuel prices reflects the changes in the world economy. The state-owned company previously attributed the changes in fuel prices to the fluctuations in global fuel prices due to the ongoing Russia-Ukraine conflict.
Fuel Supply Maldives (FSM) will sell a litre of petrol for MVR 16.55 and a litre of diesel for MVR 16.77 as per the newly announced changes. The changes have raised the price of a litre of petrol by MVR 1.95 and a litre of diesel by MVR 1.97. STO last changed the price of petrol and diesel sold on March 5, requiring FSM to sell a litre of petrol for MVR 14.60 and a litre of diesel for MVR 14.80.
STO stated it was necessary to hike the price of diesel over the fluctuations in global prices in order to provide customers with diesel without interruption.
