STO hikes petrol, diesel prices over global oil demand increase

State Trading Organization (STO) once again hikes prices on petrol and diesel adjusting to growing demands on oil in the international market.

Moreover, the largest petrol and diesel supplier in Maldives notes the changes will become effective from February 21 onward.

According to STO, with the new changes petrol will be available at MVR8.44 per liter.

On the other hand, diesel will be available for MVR9.19 per liter.

Previously, petrol price stood at MVR8.07 per liter and diesel at MVR8.71 per liter.

Earlier, in 2020 STO on several occasions chopped their retail prices on oil amid Covid-19 pandemic.

Although global oil demand took a nosedive in 2020, it has once again started showing signs of bullish movement.