Oil import cost declines due to falling global oil prices

Maldives’ oil imports declined in July as the global oil prices fell after the peak in the second quarter of this year, according to Maldives Customs data.

According to the monthly import and export statistics released by the Customs, Maldives imported oil worth MVR 919 million last month. In the previous three months, oil worth more than a billion Rufiyaa was imported every month.

Despite the relative decline in oil import spending, prices are still higher than in the first three months of the year. The three-month average for the first quarter of this year stood at MVR 785 million.

The oil import prices in the first six months stood at MVR 722 million in January, MVR 863 million in February, MVR 770 million in March, MVR 1.6 billion in April, MVR 1 billion in May, and MVR 1.3 billion in June

Oil prices rose to record highs in the second quarter of last year on the shock of the Russian-Ukrainian war. Prices were rising unchecked in the early days of the war, but now inflation has come under control and the prices of crude oil and refined oil have fallen.