State Trading Organization (STO) has decided to increase 31 Laari per litre for petrol and diesel.
In a press release, the biggest importer of oil to the Maldives said that the increase in oil prices across the globe is the reasoning behind the increase of oil prices in the Maldives. The price change will come into effect starting 7th May 2018 (Monday). Due to the increase in price, 1 litre of diesel would be sold for MVR 10.72 opposed to the previous price of MVR 10.42.
STO increased their price of oil on April 2nd as well with an increase of 20 Laari per litre. While STO has decided to hike up the price of oil in the Maldives, a barrel of unprocessed oil barrel retails for USD 69.72 in the international markets.