STO raises fuel price by MVR1

The State Trading Organisation (STO) has raised the price of fuel by MVR1 effective March 11.

STO said the price hike reflects rising oil prices in the global market.

The price of both diesel and petrol is now MVR11 per litre.

On January 19, STO reduced the price of diesel and petrol from MVR12.37 and MVR12.33, respectively, to MVR10 in light of a decline in global oil prices.

According to the Maldives Monetary Authority’s economic review for January, “the price of crude oil fell by 22 percent in monthly terms and by 54 percent in annual terms and stood at US$47.5 per barrel at the end of January 2015. This is the lowest recorded since March 2009.”