State Trading Organization (STO) has reduced the prices of fuel for the third time in 2023.
The largest state-owned enterprise (SOE) on Friday, December 8, announced the reduction of fuel prices effective on the date of the announcement.
As such price of diesel has been reduced by MVR 0.45 and petrol by MVR 0.40 per liter.
Diesel shed price (in MVR)
- Old Price: 15.07
- Reduction: 0.45
- New Price: 14.62
Petrol shed price (in MVR)
- Old Price: 14.73
- Reduction: 0.40
- New Price: 14.33
While this is the most recent consecutive price reduction of fuel, the last reduction was in June 2023, when STO reduced petrol price liter by MVR 0.14 and diesel per liter by MVR 0.63.
The most significant price drop was in May 2023, when petrol per liter was reduced by MVR 0.83 and diesel per liter by MVR 0.62.
Prices of fuel in the Maldivian market fluctuated based on the change in demand of oil in the global market; though the actual impact is rarely observed by local consumers owing to government subsidies for fuel.
While the current market rate for crude oil is between USD 73-78 per barrel in the global market, the Maldivian government has spent USD 800 million for the purchase of fuel.