Coconut prices jump, STO to supply high-demand item

The State Trading Organization (STO) on Sunday announced its decision to import and supply coconuts to local businesses and vendors amid growing demand.

STO said it has been actively monitoring and maintaining prices of the highly in-demand items amid Islamic holy month of Ramadan; a period where food consumption significantly spikes.

STO had partnered with the Ministry of Economic Development to ensuring these measures.

Price of coconut has jumped between MVR 40 to 60 a piece, which had been the price for some days now and has attracted concerns from consumers.

In a bid to control prices, STO began selling coconuts to end-customer at a rate of MVR 20 per piece from its People’s Choice outlet, and began importing and distributing coconuts reflecting the rising demand.

Local businesses and vendors now have the opportunity to book for coconut imports via STO, which the corporation said would help analyze the overall demand for the product in the Maldives market and subsequently maintain supply based on this.

Interested businesses or vendors can contact STO People’s Choice number 3012575 or 7291124 to make bookings. These shipments are expected to arrive in every 10 days.

STO further confirmed that payment can be made upon the arrival of the shipment, and added that logistical aspects of collecting the shipments from STO’s warehouses would be enhanced for ease.

Coconut prices have gone up over MVR 40 per piece since the third of Ramadan.