MIFCO increases oil prices

MIFCO has increased the price of diesel.

The price of oil sold by MIFCO has increased while the State Trading Organization (STO) has also increased the price of oil sold by the company due to a sharp hike in oil prices in the global market. Fuel Supply Maldives (FSM), a subsidiary of STO, is the supplier of oil to MIFCO.

From today, MIFCO will sell diesel to fishers at MVR 17.63 per liter. A liter of diesel will be sold to the public at MVR 22.66.

MIFCO also hiked diesel prices on March 5 this year. Diesel was sold to fishers at MVR 14.44 per liter and MVR 17.10 per liter to the public.

FSM currently sells diesel at MVR 16.77 per liter.

A barrel of crude oil is currently trading at more than $107 in the global market.

President Ibrahim Mohamed Solih, in a recent news conference, said the government's expenditure on oil subsidies would reach MVR 1.9 billion by the end of this year. The government cannot always control the prices of commodities by giving subsidies as the prices of commodities are rising in the global market, he said