State Trading Organization STO has lowered the price of diesel and petrol it sells at local sheds after nearly 8 months.
STO said that it lowered the price of diesel and petrol because the price of oil has reduced on the market.
It said that starting today, customers can buy a liter of diesel for MVR 15.70 and a liter of petrol for MVR 15.14 from Fuel Supply Maldives stations.
Before today, STO has been selling a liter of diesel for MVR 16.32 and a liter of petrol for MVR 15.97.
This means STO shaved off 62 laari from a liter of diesel and another 83 laari from a liter of petrol.
STO hiked the price of oil three times in a short period of time citing the invasion of Ukraine by Russia which hiked up the price of oil on the international market.
It had last hiked the price of oil in June 2022, when it increased the price by MVR 2. Since then it has lowered the price of oil on two occasions including today.
Before this, STO lowered the price of oil back in August 2022, by shaving off 45 laari from a liter of diesel and 58 laari from a liter of petrol.
