Tuesday 25th Jun 2024
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oil price

Amid EEZ Backlash, Government Reduces Diesel and Petrol Prices

Malé, Maldives - The State Trading Organization (STO) has announced a reduction in the prices of diesel and petrol in the Maldives amidst the backlash faced by the government following the loss of a significant part of the Maldivian Exclusive Economic Zone (EEZ) due to allegations of corruption.
Starting from May 1st, 2023, a litre of petrol will be sold for MVR 15.14, and a liter of diesel will be sold for MVR 15.7. Previously, one litre of petrol was priced at MVR 15.97, and a litre of diesel was MVR 16.32.
Despite the reduction of oil prices in the world market, the Maldivian government had previously refused to lower fuel prices. The last time oil prices were reduced in the country was in August 2022.
The Maldives is currently experiencing an all-time high inflation, and the reduction in fuel prices may be seen as an attempt by the government to ease public dissatisfaction following the controversy over the EEZ loss.