The Stating Trading Organization (STO) has slashed its fuel prices.

STO revealed their decision to slash the prices of petrol and diesel, following a drop in the price for fuel in the international market.

As such, fuel prices have been slashed starting Thursday.

STO revealed that while a liter of diesel was priced at MVR 16.77 earlier, it has been reduced to MVR 16.32.

Further, a liter of petrol will now cost MVR 15.97. It was earlier priced at MVR 16.55.

The price changes will be followed at all sheds of the Fuel Supplies Maldives (FSM).

Following an upsurge in the price of fuel in the international market, STO in June increased its diesel and petrol prices.

It followed a previous revision to petrol and diesel prices, in March.

STO revealed that the global economy has been on a downward spiral due to the lockdown in the face of the Covid-19 pandemic as well as the ongoing Russia-Ukraine conflict.

This resulted in the price of fuel going up as never observed in the past seven years, revealed STO.

STO went on to reveal that they faced multiple challenges in providing fuel to buyers, due to the fluctuation of the global economy which led to a hike in fuel prices worldwide.

However, the company has been resilient in its efforts with the assistance from the government, in providing fuel for the people.