STO reduces oil prices

State Trading Organization (STO) has reduced the price of oil following positive changes to oil prices in the global market.

With the most recent change, diesel which was being sold for MVR 16.77 per liter, will now be sold at MVR 16.32 per liter, a difference of MVR 0.45. The price of petrol has fallen from MVR 16.55 per liter to MVR 15.97, almost an MVR 1 reduction. The price of petrol has been reduced by MVR 0.58 per liter.

STO last brought changes to oil prices in June. At that time, STO had increased the price of petrol by MVR 1.95 and diesel price by MVR 1.97.

Oil prices have risen sharply in the global market due to Russia's invasion of Ukraine amid economic stabilization following the COVID-19 pandemic. However, oil prices have come down somewhat with the cooperation of OPEC member countries.