State Trade Organisation (STO), on Friday, increased the prices of petrol and diesel by 70 laari (MVR 0.70) and 50 laari (MVR 0.50) respectively.
Changes to local petrol-diesel rates:
- Petrol decreased from MVR 11.49 to MVR 10.79 per litre.
- Diesel decreased from MVR 12.11 to MVR 11.61 per litre.
The last increase in fuel prices was brought on March 15.
STO attributed the higher rates to the Organization of the Petroleum Exporting Countries (OPEC) cutting down production levels, as well as difficulties in Iran's oil trade. Due to the combination of these factors, STO stated that fuel prices have been increasing in the global market since March.