Thursday 11th Aug 2022
Dhivehi Edition
News Reports Sports Business
State trading organization

STO's Fuel Prices Reach Record Highs

The State Trading Organization (STO) has increased its prices for diesel and petrol.
In a statement issued yesterday, the state-owned STO announced that petrol would be sold at the rate of MVR 14.60 per litre from Fuel Supply Maldives stations as of March 5, and diesel would be sold at MVR 14.80 per litre.
This is the third time that STO has increased its fuel prices since the beginning of this year. Fuel prices were increased on 21 January, and later on 1 February.
The latest price increase marks an 11% rise in petrol and diesel prices.
STO is the largest importer of fuel to the Maldives; the three remaining private companies that import fuel will sell at prices set by STO.
While STO had earned a "record-high" revenue last year, the largest component of that revenue had come from fuel sales.