Jet fuel price at Velana airport rises 42%

The price of jet fuel at Velana International Airport (VIA) and other airports operated by Maldives Airports Company Limited (MACL) has been increased.

MACL Managing Director Ibrahim Shareef said a litre of jet fuel is now priced at $1.69, up from $1.19. The increase amounts to 50 cents per litre.

Shareef said the adjustment represents a 42% rise in the price of jet fuel.

He said the increase was due to changes in global oil prices linked to the situation in the Middle East following the war involving Iran.

Airlines are expected to increase flight fares to the Maldives as fuel prices rise.

Global oil prices have increased in recent weeks, with crude oil prices exceeding $100 per barrel.

Refined oil products, including petrol and diesel, have also risen above $170 per barrel.

Authorities said it now costs MVR 19 to import a litre of oil. As a result, the price of oil in the Maldives market may rise above MVR 20 per litre.

State Trading Organisation (STO) recently increased the prices of fuel sold by the company.

Petrol prices were increased by 18.6% per litre, while diesel prices rose by 26%.

Current fuel prices are: