STO reduces fuel prices

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Motorcycle being refueled at STO’s FSM Easy Fill (Photo / Mihaaru, Hussain Waheed)

The State Trading Organization (STO) reduced their prices on petrol and diesel, as the world fuel prices decline.

STO issued a statement on Wednesday stating they decided to reduce the price of fuel sold by the company effective immediately. The company reduced MVR 0.45 from diesel liter, bringing it down from MVR 16.77 to MVR 16.25. Price per petrol liter was reduced from MVR 16.55 to MVR 15.97.

The state own enterprise said their efforts to supply fuel in Maldives under a sustainable system is facing difficulties due to the fluctuating fuel prices in the world market.

There have been major changes in fuel prices in the world market this year, but STO changed their prices twice. Commenting on the price change previously, STO said it would not increase the price in proportion to the increase in the purchase price.

The last time STO changed its oil price was in June. In June, petrol priced hiked by MVR 1.95 per litre, and diesel price hiked by MVR 1.97 per litre.

The post-COVID pandemic and the ongoing Russia-Ukraine war have had a huge negative impact on the global economy. Fluctuating fuel prices is one of the biggest factors affecting the economy.

With the outbreak of the Russian-Ukrainian war, the price of crude oil rose to USD 140 a barrel. However, low demand from countries such as the United States and China has declined the price to USD 86 a barrel.

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