Fuel prices in Maldives have been increased following changes in global oil markets linked to the escalating conflict in the Middle East.
State Trading Organization (STO) announced that prices at its FSM petrol sheds were revised from Sunday.
Petrol, previously sold at MVR 13.50 per litre, has been increased by MVR 2.51 to MVR 16.01 per litre.
Diesel prices have also risen. The price of diesel, which stood at MVR 13.92 per litre, has been increased by MVR 3.62 to MVR 17.54 per litre.
Another fuel supplier, Hawks has implemented the same price increases.
The adjustments come as global oil markets react to heightened tensions in the Middle East. Iran has launched attacks on US military bases in the region in response to joint US and Israeli strikes, disrupting transportation networks across the region.
Iran has also closed the Strait of Hormuz; a key route for global oil shipments, pushing international oil prices higher. Global oil prices have risen to around USD 82 per barrel.
Despite the increase, the government said the direct impact on consumers remains limited as fuel prices in Maldives are subsidized.
Authorities said steps are being taken to manage the situation, including efforts to stabilize prices of fuel and food items and ensure uninterrupted supply.
Economic Development Minister Mohamed Saeed said the government is working to secure essential commodities from multiple markets to ensure the Maldives does not face shortages of oil and gas.
