Price of petrol rises to MVR 14.60 per liter

A customer refuels his motorbike at a petrol shed in Henveiru district of Male' City on January 28, 2021. (Sun Photo/Fayaz Moosa)

State Trading Organization (STO) has raised the price of fuel sold in Maldives following a hike in fuel prices in the global market with the Russia-Ukraine conflict.

STO, in a statement on Saturday morning, noted that the fuel prices had already been rising significantly in the global market before the invasion of Ukraine exacerbated the situation, and announced changes the price of petrol and diesel sold through its subsidiary Fuel Supplies Maldives (FSM).

As such, the price petrol has been raised from MVR 12.98 per liter to MVR 14.60 per liter, and the price of diesel has been raised from to MVR 13.04 per liter to MVR 14.80 per liter.

The changes are effective starting Saturday, March 5.

STO had last made changes to fuel prices in February.

The price of a barrel of crude oil is currently at USD 115.80 in the global market. The price of a barrel of crude oil last rose above USD 100 in 2014.