STO Revises Fuel Prices as Global Oil Supply Disruptions Push Costs Higher

Fuel prices in the Maldives have been revised following turbulence in global oil markets, with State-run Fuel Supplies Maldives announcing adjustments to both petrol and diesel rates as international energy supply routes face disruption.

In a statement issued early Thursday, the State Trading Organization (STO), which operates Fuel Supplies Maldives (FSM), confirmed that petrol prices have increased from MVR 13.50 per litre to MVR 16.01 per litre. Diesel prices have been adjusted from MVR 13.92 per litre to MVR 17.54 per litre.

The revision follows volatility in global oil markets triggered by escalating tensions involving the United States, Israel and Iran. The conflict has disrupted shipping through the Strait of Hormuz, a key maritime corridor between Iran and Oman that carries roughly one fifth of the world’s oil and gas supply.

According to international reports, traffic through the strait slowed significantly after military exchanges in the region raised security concerns for vessels operating in the Gulf. Several incidents involving oil tankers and damage to regional energy facilities have further intensified uncertainty across global energy markets.

Oil prices responded sharply to the developments. Brent crude rose above USD 84 per barrel during the week, reaching its highest level since July 2024, while financial markets recorded declines amid fears of broader economic disruption.

For the Maldives, the adjustment reflects the country’s reliance on imported fuel. Petroleum products remain essential for electricity generation, transportation and fisheries operations, meaning global price fluctuations are quickly reflected in domestic fuel costs.

Higher fuel prices are expected to affect multiple sectors of the economy. Transportation services, electricity production and logistics operations supporting tourism and fisheries could face higher operating expenses if international oil prices remain elevated.

Economists note that continued instability in major energy supply routes could sustain volatility in global oil markets. For import-dependent economies such as the Maldives, prolonged price increases may place upward pressure on operational costs across businesses and households in the months ahead.