STO reduces fuel prices for the third consecutive time

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State Trading Organization (STO) has reduced prices of fuel for the third in 2023, and the first time since the new government’s inauguration.

The largest state-owned enterprise (SOE) on Friday, December 8, announced the reduction of fuel prices, and added that the price reduction would be effective from the date of announcement.

Diesel shed price

  • Old Price: MVR 15.07
  • Reduction: MVR 0.45
  • New Price: MVR 14.62

Petrol shed price

  • Old Price: MVR 14.73
  • Reduction: MVR 0.40
  • New Price: MVR 14.33

This is the most recent price reduction of fuel from STO so far in 2023. Earlier, STO sliced the price of petrol per liter by MVR 0.14 and diesel per liter by MVR 0.63.

The most significant drop in price was in May when STO sliced petrol per liter by MVR 0.83 and diesel per liter by MVR 0.62.

Prices of fuel in Maldivian market depend on the global oil prices. Crude oil prices in the global market are currently priced at USD73-78 per barrel.

Despite the fluctuations of oil prices in the global market, the end user does not observe significant impact owing to the government providing subsidies in fuel. As such, the Maldives government has spent USD 800 million to purchase fuel in 2023.

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