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STO to take action against black market sale of fuel

Mohamed Rehan
04 July 2022, MVT 20:19
Petrol and diesel prices have once again bumped owing to rising fuel prices in global oil markets -- Photo: STO
Mohamed Rehan
04 July 2022, MVT 20:19

State Trading Organization (STO) has announced to take stringent measures against the black market sale of oil commodities in the Maldivian market.

The largest state-owned enterprise made the announcement on Monday, echoing the concerns of consumers over rising fuel prices.

According to STO, its sister company Fuel Supplies Maldives (FSM) will be selling oil commodities to general consumers and local businesses at subsidized rates.

The move aims to alleviate fiscal plights consumers may face at surging oil prices due to the same effect in the global market.

Despite selling fuel at subsidized rates to local consumer categories, FSM sells fuel at standard rates to tourist resort properties.

However, FSM's parent company had come to learn of malpractice by some local individuals and entities by purchasing fuel at subsidized rates and then selling it with bumped-up prices to tourist resorts.

In a bid to restrict such malpractice or black market sale of fuel, STO announced of distributing oil to suppliers strictly based on necessity.

The announcement was made by STO's Managing Director Hussain Amru on Monday afternoon.

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