State Trading Organisation (STO) on Wednesday hiked the prices of petrol and diesel by 30 laari (MVR 0.30) per litre and 20 laari (MVR 0.20) per litre respectively.
According to the company, the prices were raised according to changes in fuel rates in the global market.
Changes to petrol-diesel rates
- Petrol – increased from MVR 8.65 to MVR 8.95 per litre
- Diesel – increased from MVR 8.44 to MVR 8.64 per litre
STO had last changed the fuel rates in June this year, lowering 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.
The company also hiked the prices of petrol and diesel to fuel suppliers last month due to increases in fuel prices in the global market. STO’s subsidiary Fuel Supplies Maldives (FSM) raised rates by 43 laari (MVR 0.43) for a diesel litre and 26 laari (MVR 0.26) for a petrol litre to suppliers, thus increasing the fuel prices for average citizens in the islands.