State Trading Organisation (STO) on Sunday lowered its petrol and diesel prices.
The increase brings the rate of petrol from MVR 8.07 per litre to MVR 8.44 and the rate of diesel from MVR 8.71 to 9.91. This marks the first time for STO to increased the prices for petrol and diesel prices this year.
STO has attributed the price change to increases in global fuel prices.
According to the company, this was due to the world’s largest oil exporter Saudi Arabia, cutting down one million barrels a day from crude production for February and March.
The last time STO brought changes to fuel prices was almost a year ago, in March 2020. At that time, the company had slashed prices.