The prices of petrol and diesel being sold by the State Trading Organization (STO) has hiked.
STO stated that they have increased the prices by 72 laari for a litre of diesel and 60 laari for a litre of petrol. Therefore, a litre of petrol will hereafter be available for MVR 10.79 and a litre of diesel will be available at MVR 11.61.
STO added that the increase in their prices were reflected due to the increases in the price of fuel on a global scale.
In a statement released by STO, they stated that the price of crude oil has been at a high by 30% since the year started.
The statement further detailed that The Organization of the Petroleum Exporting Countries (OPEC) has enterned an agreement with Russia to limit the fuel being released to the global market inorder to decrease the surplus of fuel.
The fuel being imported to Maldives is a form of cleaned oil which is found more cheaper than uncleaned crude oil.
Although, prices of cleaned oil also differ with the differing benchmark prices.
This is the first time STO has updated their prices since their change to pricing implemented on 10th February 2019, which saw to an increase of 90 laari per diesel litre.