STO Increases Fuel Prices Amidst Rising Global Market Rates

Following the rise in global market fuel prices, the State Trading Organization (STO) has increased its selling prices for fuel.

In a statement released last night announcing the price changes, STO stated that starting today, diesel will be sold at MVR 17.54 per litre at petrol sheds operated by its subsidiary, Fuel Supplies Maldives (FSM). Previously, FSM sold a litre of diesel for MVR 13.92. Therefore, this is an increase of MVR 3.62 compared to the previous selling price of diesel.

With this change in STO's selling prices, a litre of petrol is being sold today for MVR 16.01. STO previously sold a litre of petrol for MVR 13.50. Therefore, this is an increase of MVR 2.51.

Due to the war in the Middle East, fuel prices have begun to rise in the global market. The price of fuel is increasing following Iran's closure of the Strait of Hormuz, the main route used for supplying fuel by sea.