State Trading Organization (STO) will be reducing the price of fuel and staple products it imports to Maldives starting April 23.
The decision to cut subsidies on staple products in October, 2016 had been hugely unpopular.
STO had commented it was working on reducing the prices of the products. And Managing Director of STO in an interview with “Sun” this year had declared a “good change is imminent”.
Speaking during a press conference at STO this Thursday, Managing Director of STO, Ahmed Shaheer said that after discussion with President’s Office and other relevant agencies, it had been decided to reduce the price of both staple products and fuel.
He said the change will be effective starting coming Sunday, April 23.
Shaheer said during the press conference that the price reduction was instructed by President Abdulla Yameen Abdul Gayoom himself.
Shaheer also said that much more convenient financial arrangements have been put in place which will reduce expenditure involved in importing fuel and staple products.
The price of a sack of rice and sugar will be reduced by 15 percent – which is approximately MVR 60, and the price of a sack of flour by 12 percent – approximately MVR 35.
Plus, MVR 0.10 will be cut from the price of every liter of diesel, and MVR 0.20 will be cut from the price of every liter of petrol.