The State Trading Organization (STO) corporation has sliced on the prices of oil purchase rates in light of oil barrel stocks receding in world market.
This marks the second time in March 2020, the public enterprise has announced a reduction in the prices of oil sold through its various distributing channels.
According STO, MVR1.68 per liter was sliced from the price of diesel and MVR1.53 per liter was sliced from the price of petrol.
Based on the latest price reduction, diesel will be sold at the local market priced at MVR8.71 per liter and petrol will be sold at MVR8.07 per liter.
This also marks the first time prices on oil has receded the most in Maldivian market in recent history.
Earlier on 13 March 2020, STO announced it was reducing the rates by MVR0.50 per liter on diesel and MVR0.53 per liter on petrol.
The demand for oil across the globe has receded in recent weeks as several countries have announced travel restrictions, banning international flights as well as many of the European countries were observing nationwide lockdowns or significant constraints on land transportation or movement.
This has thus, decreased the demand of oil as its consumption had slowed at a significant degree.
Crude oil barrel observed a price drop of USD30 per barrel, marking the slip as the most significant in recent history.