STO raises price of petrol and diesel Flag Of Maldives On The Car`s Fuel Filler Flap. | Photo: ROYALTY-FREE STOCK PHOTO

Male’, Maldives — The State Trading Organization PLC (STO) has announced that from today onwards, they have decided to rise the price of petrol and diesel.

STO informed that from February 21st onwards, 1 liter of petrol will be available for MVR 8.44, with the price of petrol increased by MVR 0.37. The price of 1 liter of diesel was MVR 8.71 until yesterday, however, it has now changed to MVR 9.19 per liter.

STO noted that the sudden increase in the price of petrol and diesel is due to the rise in the prices in the international markets.

The global markets rose the prices of oil due to a recent agreement Saudi Arabia had signed with OPEC countries. Under this agreement, the highest oil exporting country, Saudi will be reducing their daily oil exporting rate to only one million barrels per day.

The last time STO brought a change to the price of diesel and petrol was in March 21, 2020. At that time, the company had decreased the price of oil.