STO Increases Petrol and Diesel Prices

State Trading Organization (STO) has increased the prices of petrol and diesel on Monday.

STO issued a statement this Monday in which it announced that the organization had decided to increase the prices of its diesel and petrol due to the overall global increase in fuel prices.

MVR 0.53 will be added into its current selling rate of Diesel making it MVR 9.17 per liter while petrol would present an additional MVR 0.57 to its rate totaling an MVR 9.57 per liter

The organization had dropped the prices of its fuel on July 18, when it lowered the price of one liter of diesel by MVR 0.51 and the price on one liter of petrol by MVR 0.30. The decision at the time was made after the duty on petrol and diesel was dropped from 10 percent to 5 percent. Crude oil prices were at USD 44.74 per barrel around the time.