State Trading Organization (STO) is yet to revise fuel prices, in spite of oil dropping to US$ 98 a barrel in global markets.
Fuel prices had risen steadily since the start of the year, with a barrel selling for US$ 75. When the Ukraine Russia crisis heated up, the prices inflated to a high of US$ 128.
STO, the largest imported of fuel to the Maldives, had jacked up fuel prices three times since the year began. On January 21st, prices were increased after the price of a barrel increased by US$ 10. The second price hike was imposed on February 13th. At the time, the price of a barrel had increased by US$ 8. The third price hike came on March 5th, when price of a barrel passed the US$ 115 mark.
Since March 5th, a liter of petrol cost MVR 14.60 (US$ 0.95) and a liter of diesel went for MVR 14.80 (US$ 0.96).
United Arab Emirates (UAE) had stepped up to fill the fuel gap in the global market. Due to this, the average prices have dropped. However, STO is yet to announce any revisions. The three private fuel importers have benchmarked their prices against STO’s.