STO reduces the price of staple food

Photo: Mihaaru

Maldives government has reduced the price of staple foods to the rates it was before the hike in October 2016.

At a press conference held on 04th April, State Trading Organisation’s (STO) Managing Director Ahmed Shaheer stated that prices of staple foods would be reduced again from Thursday. Shaheer explained that the government’s recent decision to reduce the prices was in consideration with public grievances that had occurred due the initial decision to hike the prices.

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As of 05th April, the price of sugar per kilo would be MVR 4 (down from MVR 6.8), the price of rice per kilo would be MVR 2.98 (down from MVR 5.26) and the price of flour per kilo would be MVR 2.98 (down from MVR 5.26).

The Ministry of Economic Development also imposed a maximum limit to the amount businesses may add as profits when transporting the food outside Male. MVR 1.02 per kilo to the islands in zone 1, MVR 0.82 per kilo to the islands in zone 2 and MVR 1.21 per kilo to the islands in zone 3 is allowed when transporting these goods from Male’.

Shaheer further stated that as staple foods are imported to the country, government maintains the rates according to international market rates. He also assured that the government was confident in maintaining these rates.

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