State Trading Organization (STO) recently announced further increment to the retail price on fuel.
According to the largest state-owned enterprise, the new retail prices will be effective from Friday, 24th June 2022 onwards.
With regards to STO’s decision, petrol will now be sold at MVR16.55 per liter and diesel at MVR16.77 per liter at the refueling stations run by STO’s sister company Fuel Supplies Maldives (FSM).
Previously, STO had bumped prices on petrol and diesel on 04th March 2022. STO had back then, bumped the prices to MVR14.80 per liter on diesel and MVR14.60 per liter on petrol.
This price increment reflects the surging oil prices in the international crude oil market. Earlier this year Brent Crude had hit all-time highs exceeding USD100 per barrel amid the initial days during Russian invasion of Ukraine.
Meanwhile, with the geopolitical tensions continuing to push ahead, many trade pundits and experts alike have chimed about oil prices maintained at peak levels for the most part in 2022.