Maldives hikes fuel rates again

A customer pictured at an FSM fuel shed in Male. PHOTO/MIHAARU

A customer pictured at an FSM fuel shed in Male. PHOTO/MIHAARU

State Trading Organisation (STO) on Monday raised the prices of petrol and diesel by 57 laari (MVR 0.57) per litre and 53 laari (MVR 0.53) per litre respectively.

The company explained that the prices were hiked according to changes in fuel rates in the global market. STO had last hiked the fuel rates early in September.

Changes to petrol-diesel rates

Petrol – increased from MVR 8.95 to MVR 9.52 per litre

Diesel – increased from MVR 8.64 to MVR 9.17 per litre

The last time STO had lowered the the fuel rates was in June this year. It had lowered the prices as a result of the amendment made to the Export Impact Act that month, which decreased the import duty of petrol and diesel from 10 percent to five.

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