Price of petrol drops by MVR 0.58, diesel by MVR 0.45

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 implemented a slight reduction in the price of fuel sold in Maldives.

STO announced changes to the price of petrol and diesel sold through its subsidiary Fuel Supplies Maldives (FSM) in a statement on Wednesday evening.

As such, the price of petrol has been reduced from MVR 16.55 per liter to MVR 15.97 per liter, and the price of diesel has been reduced from MVR 16.77 per liter to MVR 16.32 per liter.

The changes are effective starting Thursday, August 18.

STO had last made changes to fuel prices in June.

The Russia-Ukraine war had resulted in a significant spike in global fuel prices. The prices have now begun to drop.