The oil price in Maldives has been increased by the State Trading Organization (STO) due to an increase in the price of oil on the world market.
According to a statement issued by STO on Thursday, the diesel price has been hiked from MVR 10.27 to MVR 10.95, and the petrol price has been raised from MVR 9.74 to MVR 10.72 starting today.
This is the second time the STO has raised the oil price in the last month, the first being on June 20.
STO raised the country’s oil price in response to a hike in the price of oil on the global market, which jumped from MVR 1094.82 to MVR 1159.50 a barrel.
