Petrol price in Addu City soars to MVR 24 per liter

Fuel prices in Addu City have seen a sharp increase on Friday.

Sun has learned that the price of petrol has risen to MVR 24.22 per liter, representing a substantial increase from the previous rate of MVR 18.56 per liter.

Similarly, the cost of diesel has increased to MVR 31.34 per liter, up from its former price of MVR 19.77.

This surge in local fuel prices occurs against the backdrop of global supply chain disruptions and escalating costs driven by the conflict involving Israel and the United States against Iran, which commenced last February.

These geopolitical tensions have significantly affected global oil supplies, resulting in price increases in more than 85 countries. The Maldives is currently ranked among the top ten nations most impacted by these rising fuel costs.

In response to these changing market conditions, Fuel Supplies Maldives (FSM), a subsidiary of STO, has revised its pricing structure, implementing increases ranging from 18 percent to 26 percent. Subsequently, petrol and diesel prices have reached record highs in several islands across the country.

Despite these adjustments, the State Trading Organization (STO) has assured the public that there is no current shortage of fuel in the Maldives. The company confirmed that a new shipment has already been received, with an additional shipment presently en route to the country.

Furthermore, as instability persists in the global oil market due to the ongoing conflict, the Maldivian government has reportedly sought assistance from India to help ensure a consistent and reliable supply of fuel to the nation.