State Trading Organisation (STO) lowered the prices of petrol and diesel by 30 laari (MVR 0.30) per litre and 20 laari (MVR 0.20) per litre respectively on Tuesday night.
Effective from Wednesday onwards, the new prices are 10.11 laari per litre for petrol, and 10.21 per litre for diesel.
The company had hiked prices in January, in accordance with the changes in fuel rates in the global market. At the time, STO had increased petrol rates by 54 laari and diesel by 80 laari.
STO had last decreased fuel rates in June last year, lowering the prices as a result of the amendment made to the Export Impact Act that month which decreased the import duty of petrol and diesel from 10 percent to five.