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STO slashes diesel price by 30 laari

Fathmath Shaahunaz
13 February 2020, MVT 15:37
An oil tanker docks at the fuel storage island of K.Funadhoo. PHOTO/MIHAARU
Fathmath Shaahunaz
13 February 2020, MVT 15:37

State Trading Organisation (STO) lowered its diesel price by 30 laari (MVR 0.30) on Wednesday.

The decrease brings the rate from MVR 11.19 per litre to MVR 10.89.

This marks the first time for STO to slash diesel prices this year. The company had lowered diesel rates on three counts in 2019.

STO noted that the company had maintained fuel rates in Maldives last year, despite the spike in oil prices on the global market due to the attacks on Saudi Arabia's oil processing facilities and unrest in the Middle-east.

The organisation asserted that its central target is to continue providing fuel to the Maldivian market at affordable rates.

STO has not yet made changes to its petrol price this year, which is currently at MVR 10.13 per litre. The company last lowered petrol rates in July 2019.

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