In light of surging oil prices in the global market owing to rise in demand as well as the Russian invasion of Ukraine, has left a ripple-effect around the globe.
Now, the Maldives faces heavy brunt as oil prices in the local market continued to bump up. The most recent of this, effective from 5th March, Saturday onwards.
Previously, in February 2022, petrol and diesel prices in the Maldivian market saw price bumps due to growing international demand for crude.
Meanwhile, State Trading Organization (STO), the premier oil importer to the island nation announced the newly revised prices of petrol and diesel.
According to STO, petrol will now be sold at MVR14.60 per liter and diesel at MVR14.80 per liter. Previously, petrol was sold at MVR12.98 pet liter whereas diesel was sold at MVR13.04 per liter.
At the time of reporting, global market movements indicate that the Brent Crude had lifted as high as USD112 per barrel.
On the other hand, trade analysts and economic pundits almost unanimously coincide on the possibility of sluggish economic gains or a regression.
Sign In
