State Trading Organization (STO) has lowered the price of diesel and petrol on Sunday.
In a press conference, STO said that their petrol prices have reduced to MVR 8.65, a MVR 0.30 reduction, while diesel prices have reduced to MVR 8.44, a MVR 0.51 reduction.
The reduction came after President Abdullah Yameen Abdul Gayyoom ratified the Amendment Bill to the Export Import Act, passed by the Parliament on June 14. The Act was published in the Government Gazette.
Until the amendment, a 10 percent charge was taken as duty charge from petrol and diesel. Duty charge for petrol and diesel began during the current presidency.
With the decrease in diesel and petrol prices from STO, they also lowered the rates for Stelco and Fenaka.