Owing to low oil trade levels in the global market, State Trading Organization (STO) has reduced prices on petrol and diesel.
In a press briefing on Wednesday evening, August 17, the largest state-owned enterprise confirmed its decision.
With the recent price reduction, retail rate on diesel has dropped to MVR16.32 per liter from MVR16.77 - a reduction of 45 Laari.
Petrol's retail price, with the reduction, is now at MVR15.97 per liter from previous MVR16.55, observing a 58 Laari drop.
While STO affirms its commitment to sustained demand and supply chain of oil and fuel, it addressed the challenge of global market volatility.
Though oil prices remained largely volatile for the most part in 2022, STO had brought price revisions to retail rates only twice.
The most recent revision was back in June 2022, with a price hike of MVR1.95 on petrol per liter, and a MVR1.97 surge on diesel per liter.
Global economy had not resuscitated completely post the Covid-19 pandemic, when it was plunged into woes over the Russia-Ukraine war that further dampened recovery efforts.
Crude oil trades at highs of USD140 per barrel in global market amid the prelude of the Russia-Ukraine clash. However, owing to recent weak economic data of China hinting global economic recession, and a significant plummet in demand pushed down crude levels to USD86 per barrel.