State Trading Organization STO has increased the price oil, petrol, and diesel being sold by the company.
STO said that this change was brought because the price of oil has risen to a 7-year high in the global markets and that the company has to also buy their oil shipment at a spiked price.
The company said that with this change, STO's subsidiary Fuel Supply Maldives will sell one liter of diesel for MVR 11.84. It also said that the price of 1 liter of petrol has now risen to MVR 11.6.
In 2020, the cost of energy dropped at the height of the COVID-19 pandemic and now the demand for energy has increased with the world opening for business.
But supply simply hasn't kept up.
US oil prices have skyrocketed $120 since crashing to a negative $40 a barrel in April 2020.
US oil prices finished above USD 80 a barrel on Monday for the first time in nearly seven years.
Crude gained 1.5 percent to end the day at USD 80.52. The last time oil closed above USD 80 was October 31, 2014.
