STO cuts down petrol and diesel prices

State Trade Organisation (STO), on Sunday, reduced the prices of petrol and diesel and fixated on MVR 8.44 per litre.

The price of petrol had previously been at MVR 8.65 per litre.

STO made the cut down after the bill to reduce petrol and diesel prices was accepted by the parliament.

The duty taken on petrol is now at five percent, which is a reduction from its previous value of 10 percent.

The bill to make amendments to export and import regulations in order to lower the duty on fuels; petrol and diesel was submitted by the ruling Progressive Party of Maldives (PPM) chief government lawmaker Ahmed Nihan Hussain and was accepted by the parliament on Tuesday.