The country’s major oil importer, State Trading Organization (STO), has hiked oil prices in reaction to a price increase in the global oil market.
According to a STO statement issued on Tuesday, the price of petrol is currently MVR 11.16 per litre and diesel is MVR 11.84 per litre at all fuel sheds managed by Fuel Supplies Maldives (FSM).
Prior to the price increase, petrol was sold at MVR 10.75 per litre, while diesel was sold at MVR 10.95 per litre.
The increase in oil costs is due to global oil prices hitting their highest levels in seven years, according to STO.
Crude oil prices on the worldwide market have risen by 20% in the previous two months, while oil prices have risen by 58% since the beginning of the year.
Oil prices are currently at an all-time high in the previous seven years, reaching USD 80 per barrel.
