STO hikes oil prices

State Trading Organization (STO) has hiked the prices of fuel and diesel.

As per the revised prices, a liter of diesel now costs MVR 10.72. This is an increase of 0.93 laari from the previous price of MVR 9.79 per liter. The price of a liter of petrol has been increased by 0.89 laari, now costing MVR 9.74 per liter. A liter of petrol was being sold for MVR 8.85 before the hike.

State-run STO said the changes in prices are due to changes in oil prices in the international market. The revised prices announced by STO also apply to STO's subsidiary company, Fuel Supply Maldives.

Oil prices were last revised by STO during March. The current price of a barrel of crude oil is USD 75 in the international market.