The surge and drop of oil prices in Maldives in 2018

At the beginning of this year, price of an oil liter was MVR 10.00. However, as the year is about to end there has been an enormous change in the local oil prices.

Maldives state owned company, State Trading Organization has hiked prices six times during this year. First time being in January, with an increase of MVR 0.54 per liter of petrol and MVR 0.80-liter increase in diesel. However, prices did fall during the month March. Then again, during the month of May, twice, due to the changes in oil prices in the world market.

Prices of oil in the world market was USD 71.88 per barrel during the month of May, and it has now increased in October, leading to MVR 0.20-liter increase in both diesel and petrol in Maldives. A liter of petrol is now MVR 10.97 and diesel, MVR 11.43. However again, 19th October, there was more fluctuation in the prices, leading to MVR 0.66 increase in local oil prices. Now a liter of petrol’s price being MVR 11.39 and diesel, MVR 12.09.

Comparing the beginning of the year’s prices and now, there has been MVR 0.98 increase in petrol and MVR 1.98 increase in diesel prices overall.

According to STO the surge in oil prices, petrol and diesel is subjected to the international oil market.