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STO fixes staple food rates across Maldives

02 April 2019, MVT 16:36
Sacks of staple provided by State Trading Organisation (STO) being transported. PHOTO: MIHAARU ARCHIVE
02 April 2019, MVT 16:36

State Trading Organisation (STO), on Monday, standardized staple food prices in all islands across Maldives to match the rates imposed in the capital city of Male’.

Staple food items have generally been sold at higher prices in islands due to the additional cost of transporting goods from Male'.

In order to resolve the issue, STO will cover transportation costs and allocate agents to deliver and sell staple foods to islands.

The state-owned company finalised agents for 112 out of a total of 183 islands requiring regular supplies, after publishing three notices.

While only entities in possession of business and import licences will be accepted as agents, no company other than the one allocated by STO will be permitted to provide the service.

Prices of staple food in Male

A sack of rice: MVR 240 / A kilogram of rice: MVR 4.80

A sack of sugar: MVR 241 / A kilogram of sugar: MVR 4.82

A sack of flour: MVR 190 / A kilogram of flour: MVR 3.80

Price of staple food in Addu Atoll

A sack of rice: MVR 325 / A kilogram of rice: MVR 6.50

A sack of sugar: MVR 325 / A kilogram of sugar: MVR 6.50

A sack of flour: MVR 250 / A kilogram of flour: MVR 5

The Managing Director of STO, Husen Amru, previously stated that transportation cost would be borne by the company itself rather than by the state.

Previously, the cost of transporting staple food sacks from STO's storage warehouse to a boat stood at MVR 10. Meanwhile, the freight rate was MVR 30 and MVR 5 was charged as labour fee.

Retailers, on average, include an additional MVR 10 as profit in the final price, although the increment varies at different outlets.

STO stated that staple food prices could be conveniently monitored since only agents under their supervision would have permission to act as suppliers.

President Ibrahim Mohamed Solih had pledged to end staple food price disparities during his address at the inaugural session of parliament.

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