State Trading Organization (STO) has reduced the prices of petrol and diesel once again after six months from the previous price change.
This marks the first price drop in petrol and diesel since the new government assumed power on November 17.
STO reports that petrol, previously sold at MVR 14.73 per liter, will now be sold at MVR 14.33 per liter, reflecting a 40 Laari drop.
Diesel prices have dropped from MVR 15.07 to MVR 14.62 per liter, reflecting a 45 Laari decline.
STO has amended the prices of petrol and diesel for the third time in 2023, with the previous two amendments made during the previous government; with the most recent price revision in June 2023.
In June, STO reduced petrol prices by 14 Laari and diesel prices by 63 Laari.
The most significant drop in fuel prices was observed in May, with an 83 Laari drop in petrol per liter and a MVR 62 Laari drop in diesel per liter.
STO revises prices on petrol and diesel based on fuel demand, availability, and the change in its price in the global market.
Crude oil is currently sold between USD 73 to 78 per barrel in the global market. The public does not observe the direct impact of the price fluctuations of the commodity in the global market owing to state-issued subsidies for fuel.
Maldives government had spent MVR 800 million on fuel subsidies so far in 2023.