State Trading Organisation (STO) has slashed the price rates of petrol and diesel Sunday onwards.
In a press conference, STO stated that prices are lowered as a result of the amendment made to the Export Impact Act last Wednesday which decreased the import duty of petrol and diesel from 10 percent to five.
STO declared that, following the changes, it will also reduce the prices of petrol and diesel sold to state-run utilities companies, State Electric Company (STELCO) and Fenaka Corporation.
Changes to petrol-diesel rates
- Petrol: lowered from MVR 8.95 per litre to MVR 8.65 per litre
- Diesel: lowered from MVR 8.95 per litre to MVR 8.44 per litre
STO’s Managing Director Ahmed Shaheer pronounced that special preferential rates will be offered to fishermen via STELCO, Fenaka and Maldives Industrial Fisheries Company Ltd (MIFCO).
STO had last changed the rates of petrol and diesel in April this year when they decreased the prices of petrol and diesel by 20 laari (MVR 0.20) and 10 laari (MVR 0.10) per litre respectively.