State Trading Organization (STO) on Thursday decreased the prices of petrol and diesel by 14 laari (MVR 0.20) per litre and 10 laari (MVR 0.10) per litre respectively.
Changes to petrol-diesel rates:
- Diesel decreased from MVR 12.11 to MVR 11.97 per litre.
- Petrol decreased from MVR 11.49 to MVR 11.39 per litre.
According to the state-owned company, prices were lowered due to the five percent cut in global market prices the previous day, which resulted from a forecasted fall in demand for oil.
This marks the largest reduction in rates for 2019, occurring over a single day or single week period.
STO previously increased fuel prices on May 3, attributing the decision to production level cuts by the Organization of the Petroleum Exporting Countries (OPEC) as well as difficulties in Iran’s oil trade.