Saturday 30th Sep 2023
Dhivehi Edition
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State trading organization

STO Sold Fuel to Super Yacht At A Loss

The State Trading Organization (STO) has sold fuel to a super yacht, at prices lower than the subsidised fuel sold to local fishermen.
The 136 metre yacht, named the “Flying Fox”, is the largest such charter vessel.
The yacht has been travelling throughout the Maldives since last year.
On the condition of anonymity, an employee of Fuel Supply Maldives told Dhiyares; the sister-newspaper of The Maldives Journal; that STO had sold fuel to the yacht at the rate of MVR 7.40 per litre ($0.48 USD a litre).
However, the state-owned Maldives Industrial Fisheries Company Ltd (MIFCO) sold fuel to local fishermen at MVR 9.32 a litre ($1.25 USD a litre).
It is worth noting that STO spends a MVR 8 for every litre of fuel imported, including taxes. Therefore, STO sold fuel to the super yacht at a loss.
The source at FSM mentioned that STO sold fuel to resorts at low prices as well. They said that STO did this to serve the personal interests of several of the state-owned company’s executives.
STO has declined to respond to Dhiyares’ requests for comments.