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STO applies price cuts of over MVR 1 for fuels

Ahmed Aiham
22 March 2020, MVT 20:06
A motorcycle being refuelled at a Fuel Supply Maldives (FSM) shed operated by STO. PHOTO: HUSSAIN WAHEED / MIHAARU
Ahmed Aiham
22 March 2020, MVT 20:06

State Trading Organization (STO), on Saturday decreased the prices of petrol and diesel by MVR 1.53 per litre and MVR 1.68 per litre, respectively.

As it currently stands, a litre of petrol costs MVR 8.07 while a litre of diesel costs MVR 8.71.

Oil prices have fluctuated over the recent weeks. This marks the third instance STO slashed diesel prices in 2020 and the second change to petrol rates this year. The company last lowered its rates on March 13.

STO attributed the price cuts to a decrease in fuel rates across international markets, as a result of the ongoing COVID-19 pandemic.

Maldives currently has 13 confirmed cases of COVID-19 and 10 active cases. The country recorded its first two recoveries on Friday, and the third this Saturday. No Maldivians have tested positive for the virus as of yet. So far, only tourists and resort employees have confirmed infections with no local transmissions.

The World Health Organization has classified the spread of COVID-19 as a global pandemic. The novel coronavirus has infected more than 308,400 and claimed over 13,000 lives around the world. Out of those infected, more than 95,800 have recovered.

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