State Trading Organisation (STO) has increased the price of petrol and diesel sold in the Maldives.
In a press release, STO stated the increase in fuel prices reflects the changes in the world economy. The state-owned company previously attributed the changes in fuel prices to the fluctuations in global fuel prices due to the ongoing Russia-Ukraine conflict.
Fuel Supply Maldives (FSM) will sell a litre of petrol for USD1.07 and a litre of diesel for USD1.09 as per the newly announced changes. The changes have raised the price of a litre of petrol by USD0.13 and a litre of diesel by USD0.13. STO last changed the price of petrol and diesel sold on March 5, requiring FSM to sell a litre of petrol for USD0.95 and a litre of diesel for USD0.96.
STO stated it was necessary to hike the price of diesel over the fluctuations in global prices in order to provide customers with diesel without interruption.