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.
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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.
