State Trading Organization (STO) has recently announced the revised prices of oil in the Maldivian market.
The price bumps confirmed by the state-owned enterprise reflect the surge in crude oil prices in the global market owing to rising demands as well as the geopolitical conflict between Russia and Ukraine.
According to STO, petrol prices have been fixed at MVR14.60 per liter while it was previously sold at MVR12.98 per liter. Meanwhile, diesel prices have gone up to MVR14.80 per liter while it was previously sold at MVR13.04 per liter.
In the global economic scene, markets report crude oil prices lifting as high as USD112 per barrel – which is an all-time high since 2014.