State Trading Organisation (STO) has made the decision to impose controls on fuel sales to domestic suppliers.
Managing Director of STO Hussain Amr has stated that currently Fuel Supplies Maldives (FSM) is selling fuel to locals at subsidised rates and fuel is sold to resorts at market prices, in order to minimise the impact of global price hikes.
However, Amr noted that some domestic suppliers have been taking advantage of the subsidised rates and have been buying fuel at these rates and selling to resorts at higher prices. Therefore, STO is now imposing these controls in order to prevent illegal fuel trade by such suppliers.
The new changes to fuel prices were recently announced by STO where diesel is now being sold for MVR 16.77 per litre and petrol for MVR 16.55 per litre.