STO hike oil prices

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

The new prices are effective from Friday, with a liter of diesel now costing MVR 12.11. This is an increase of 50 laari from the previous price of MVR 11.61 per liter. The price of a liter of petrol has been lifted by 70 laari, now costing MVR 11.49 per litre. A litre of petrol was being sold for MVR 10.79 before the hike.

State-run STO said the changes in prices are due to limited oil production by the Organization of the Petroleum Exporting Countries (OPEC). Market prices of oil has been increasing since March due to issues faced by those acquiring oil from Iran, they said.

Oil prices were last lifted by STO on March 15. While retail prices of petrol and diesel has increased significantly in the Maldives, the current price of a barrel of crude oil is USD 63.60 in the international market.