State Trading Organization (STO) has stated that their top priority will be to maintain oil prices this year, and to reduce the impact of price hikes on Maldivian economy.
According to STO’s press release, oil prices are at an increase globally since last year, and so the company will strive to maintain oil prices. STO stated that they will work to minimize the loss due to oil price shikes by increasing sales through other mediums in the company.
“STO is a government and public owned company that provides a number of services to the people. Therefore, STO is working towards investing in more services to remain profitable. As such, STO’s profit has been maintained at the same level since the second quarter of last year up until now,” STO stated.
STO earned a revenue of MVR 7.5 billion in 2017, a MVR 1.1 billion increase compared to 2016.
STO stated that oil prices saw a 25 percent price hike globally last year. However, the company increased their oil prices by only 12 percent, according to the company.