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STO hikes diesel rate by 10 laari

Fathmath Shaahunaz
07 June 2018, MVT 14:32
STO's oil storage is in the island of Funadhoo in Kaafu Atoll. PHOTO/MIHAARU
Fathmath Shaahunaz
07 June 2018, MVT 14:32

State Trading Organisation (STO) has hiked diesel rates by 10 laari (MVR 0.10) this Thursday onwards.

The company explained that the rate was hiked due to increases in fuel prices on the global market. With this development, the diesel rate is now MVR 11.23 per litre.

STO had last increased the rates of diesel and petrol on May 24.

Crude oil on the international market hit USD 70 per barrel last January, and has since been on a slow decline. The rate of West Texas Intermediate (WTI) crude oil has now lowered by 1.3 percent to USD 64.67 percent. However, this amount is 36 percent higher than the same period last year.

The Bloomberg website stated that crude oil prices began to drop in the United States following increased stocks on the market. Accordingly 2.1 million barrels were added last week alone.

Bloomberg further revealed that the US has requested Saudi Arabia and other oil giants for an additional output of one million barrels per day.

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