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STO reduces fuel prices again

Malika Shahid
10 June 2023, MVT 12:08
[File] Fuel Supplies Maldives Easy Fill Petrol Shed
Malika Shahid
10 June 2023, MVT 12:08

State Trading Organisation (STO) has once again reduced the prices of fuel in the Maldives. Effective from June 9, petrol prices have been lowered by MVR 14 per liter, while diesel prices have been reduced by MVR 63 per liter.

The new price for petrol currently stands at MVR 14.73 per liter, while diesel will cost MVR 15.07 per liter.

This change in fuel prices comes after a similar price reduction by STO last month. In May, diesel prices decreased from MVR 16.32 per liter to MVR 15.70 per liter, representing a decrease of MVR 62. Petrol prices were also reduced from MVR 15.97 per liter to MVR 15.14 per liter, a decrease of 83 Laari.

STO has stated that it strives to ensure a sustainable supply of fuel to the Maldives market. However, the organization faces challenges due to fluctuations in global fuel prices. However, STO adjusts local fuel prices whenever there is a decline in global fuel prices.

Currently, the price of crude oil ranges between USD 71.64 and USD 76.21 per barrel.

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