Projections of a high supply trend in crude oil at the world market indication has resulted in the price rate to fall a day after it was reported of bumping.
Meanwhile Maldivian state owned State Trading Organization had increased the prices on diesel and petrol adding extra charges. MVR 0.53 was added to a diesel liter while MVR 0.57 was incurred on a petrol liter. The renewed prices were at MVR 9.17 on a diesel per liter while a petrol liter was registered at MVR 9.52.
However according to world market indicators, the oil prices receded for two successive days since Monday.
The relative change on local oil prices resulted due to the bump in crude oil selling rate by inches on previous week. The news was corroborated by Reuters.
Reuters had reported that the US crude oil prices plunked by 14 cents or 0.3% while previous bear indicator marked the slide by $1.09 or $1.2 last week. The selling price on a crude oil barrel at world commodity market slid to $50.44.
Demand increased earlier this year during the second quadrant which marked at 12% bump compared to same period of 2016. The price had since receded by 5%.
Meanwhile Brent Crude Oil price fell by 0.3% or 19 cents with a selling rate of $55.93.
According to Reuters a survey proved the countries under Organization of Petroleum Exporting Countries (OPEC) had increased their supply of oil which comes as a result due to OPEC initiation in decrease oil export rate for past three years due to adverse figures in prices.
While Reuters affirms through their survey the crude oil price rates are expected to fall, Maldivian state owned and the country's largest corporation State Trading Organization had claimed oil prices are expected to swell as per forecast.
The company's Managing Director Ahmed Saheer, in a press conference held on Monday claimed that based on survey and reports petrol and diesel prices were expected to rise beyond the recently adjusted rates, stating that it was due to the lift in crude oil prices at world market.
Confusion rose when the Reuters released report contradicts STO's statement which stated the US based oil corporations had vigorously started a buying trend on oil - proving a positive drop in world oil prices over high demand.
OPEC aims to push the crude oil price at world trade markets by $60 which seems to be a waning hope for the organization as the trend speaks otherwise.
