Fuel prices rise for businesses and fishermen in atolls
The price of crude oil in the global market has risen above $100 per barrel. As a result, fuel prices in the Maldives have also increased.
Fuel prices for businesses in the atolls have increased following a rise in global oil prices.
The price of crude oil in the global market has risen above $100 per barrel. As a result, fuel prices in the Maldives have also increased.
According to a memo issued by Maldives Industrial Fisheries Company (MIFCO) on Monday, the company is now selling diesel at MVR 27.24 per litre for fishermen and MVR 28.54 per litre for the general public.
Business operators have reported that the rate at which the State Trading Organisation (STO) sells fuel to businesses in the atolls has increased to about MVR 27 per litre.
Mayors in several cities have expressed concern over the increase in fuel prices.
Addu City Mayor Ali Nizar said petrol in Addu is sold at MVR 29.26 per litre, while diesel is sold at MVR 30.13 per litre.
HDh. Kulhudhuffushi Mayor Mohamed Athif said petrol in Kulhudhuffushi is sold at MVR 29.30 per litre and diesel at MVR 29.51 per litre.
The only prices below these levels are those sold at STO fuel stations.
STO recently increased the prices of petrol and diesel sold at its stations.
Petrol prices were increased by MVR 2.51 per litre to MVR 16.01 per litre, representing an increase of 18.6 percent.
Diesel prices were increased by MVR 3.62 per litre to MVR 17.54 per litre, representing an increase of 26 percent.
Finance Minister Moosa Zameer said last Thursday that the government would take steps to stabilise fuel prices in the Maldives.
He said the government plans to increase fuel subsidies by using part of STO’s projected profits.
