STO hikes prices of petrol and diesel

State Trading Organization Plc. (STO) has increased the price of petrol and diesel being sold by the company once again.

The company attributed the changes to the prices to reflect the increased cost of importing oil – stemming from the rise in oil prices in the global market.

They also stressed that the current prices of oil in the global market have spiked to levels it has not for in the past seven years.

As such, the price of petrol has been increased to MVR 11.16 per liter – and the price of diesel has been increased to MVR 11.84 per liter.

The last time STO had revised the prices of petrol and diesel being sold by the company was back in July this year. With the changes back then – the company had been charging MVR 10.72 per liter for petrol and MVR 10.75 per liter for diesel – up until today.

Whilst announcing the new revisions – STO stressed that their main aim is to provide customers with easy access to petrol and diesel without interruption.

In the global market – currently, a crude oil barrel costs USD 83.65. The last time the price of a crude oil barrel has gone above USD 80 is in October 2018.

Amidst the pandemic – oil-producing countries had significantly reduced the quantity produced significantly. The prices of oil in the global market had spiked following the increase in demand to meet the needs of recovering economies post-pandemic.