STO significantly hikes prices for diesel and petrol
Driven by rising global oil prices, STO has increased its fuel rates effective Thursday, raising petrol by MVR 2.51 per liter and diesel by MVR 3.62 per liter. This adjustment follows a surge in global crude prices to $82 per barrel amid escalating Middle East tensions, a move expected to drive up the costs of various goods and services across the country. In addition to the state-owned STO, private supplier The Hawks has also implemented similar price hikes in response to the market volatility.
Queuing to refuel at a petrol station. | RaajjeMV | RaajjeMV
State Trading Organization (STO) has significantly increased the prices of petrol and diesel.
STO has increased the prices of diesel and petrol at a time when global oil prices are reaching record highs due to escalating tensions following joint military strikes by the United States and Israel against Iran. Iran has also closed the Strait of Hormuz, a critical channel for global oil supplies. Consequently, the price of a barrel of oil on the global market has now risen to 82 US dollars.
STO has announced its decision to increase the prices of petrol and diesel, effective this Thursday.
Accordingly, the price of petrol has been set at MVR 16.01 per liter. This represents a significant increase of MVR 2.51, or 18.6 percent, per liter. Meanwhile, the price of diesel has risen to MVR 17.54 per liter, up from the previous rate of MVR 13.92. This marks an increase of MVR 3.62, or 26 percent, per liter.
This marks the first time in recent history that STO has implemented such a significant hike in fuel prices, a move expected to drive up the costs of goods and services across the country.
Furthermore, The Hawks has also increased its petrol and diesel prices by the same margin.
Previously, fuel prices fluctuated primarily due to the Russia-Ukraine war. However, prices have been on a downward trend since the beginning of 2023.
