The State Trading Organisation (STO), a state-owned public enterprise, has hiked fuel prices proportionally to global market pricing. STO hikes gasoline prices.
According to a statement issued by the STO, fuel sheds maintained by the subsidiary firm Fuel Supplies Maldives have changed their retail pricing as follows.
New pricing will go into effect on October 12, 2021. STO hikes gasoline prices.
MVR 11.16 per liter for gasoline
MVR 11.84 per liter for diesel
Previously, they billed MVR 10.75 per liter for gasoline and MVR 10.95 per liter for diesel.
STO stated in the announcement that the prices had risen more than any other time in the previous seven years. As a result, the subject firm paid a hefty price for the shipment.
However, the company is making every effort to provide its clients with a convenient service.
Over the last two months, the price of an oil barrel on the worldwide market has risen by 20%. Furthermore, the price of a barrel of crude oil has increased by 50% since January.
On the worldwide market, a crude oil barrel now costs USD 80. This is the highest price in the previous seven years.