Global oil price increase leads to record fuel price hikes in Maldives
According to market data, the average price of crude oil reached USD 81 per barrel.
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Fuel prices in the Maldives have increased following a rise in global oil prices linked to the conflict involving Iran.
State Trading Organisation (STO) announced that new prices for petrol and diesel will take effect from Thursday. The company said the revision follows changes in prices in the international oil market.
Under the revised pricing, petrol will increase by MVR 2.51 per litre to MVR 16.01 per litre, representing an increase of 18.6 per cent. Diesel will increase by MVR 3.62 per litre to MVR 17.54 per litre, an increase of 26 per cent.
Before the adjustment, petrol was sold at MVR 13.50 per litre while diesel was sold at MVR 13.92 per litre.
Another fuel retailer, Hawks Private Limited, has also revised its fuel prices. The company increased diesel by MVR 3.62 per litre and petrol by MVR 2.51 per litre.
STO said the changes were made following increases in global crude oil prices. According to market data, the average price of crude oil reached USD 81 per barrel.
Authorities have not announced further changes to fuel pricing.
