Maldives sees first fuel price cut in almost a year
According to a notification issued by the STO Monday morning, petrol prices will be reduced by MVR 0.83 per litre and diesel by MVR 0.62 per litre.
STO, the main oil importer in the country, on Monday cut fuel prices for the first time in almost a year.
Since the start of the Russia-Ukraine war in February last year, STO has also increased fuel prices five times in response to a sharp rise in global oil prices. The last revision in fuel prices was in June.
According to a notification issued by the STO Monday morning, petrol prices will be reduced by MVR 0.83 per litre and diesel by MVR 0.62.
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Petrol at MVR 15.14 per litre; earlier it was being sold at MVR 15.97
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Diesel at MVR 15.7 per litre; earlier it was being sold at MVR 16.32 per litre
In the days following the Russia-Ukraine war, global crude oil prices rose to $120 a barrel. But global oil prices are now at an average of $76 a barrel.
