The State Trading Organization (STO) on Thursday, March 5, announced the new fuel prices.
According to STO, petrol will now be sold at MVR 16.01 per liter. Previously petrol was sold for MVR 13.50 per liter, indicating an MVR 2.51 increment. Similarly diesel prices have increased to MVR 17.54 per liter from MVR 13.92 per liter, which is an increase of MVR 3.62.
This increment in fuel prices reflect the current geopolitical conflict, that has recently escalated in the Middle East.
Fighting involving Iran, Israel and the US has disrupted energy infrastructure and shipping routes. Prices have risen across the UK and Europe since Israel and US started bombing Iran on Saturday while much higher rises are expected.
Brent crude, the global benchmark for oil prices reportedly jumped 10% to USD 82 per barrel on Monday this week.
Global reports also confirm that some oil refineries in the Middle East, China and India shut their crude units because of the raging Middle East conflict. Meanwhile, attacks on oil tankers continued on Thursday in the Gulf.
Reuters reported that around 300 oil tankers remained inside the Strait of Hormuz as vessel traffic in and out of the chokepoint nearly halted following the outbreak of war.