Fuel prices slashed by STO

A customer seen refueling a motorcycle | Photo: Sun

Malé, Maldives – State Trading Organization (STO) has lowered the selling price of both petrol and diesel.

The price of petrol has been lowered from MVR 16.55 to MVR 15.99 per liter while diesel price has been lowered from MVR 16.77 to MVR 16.32 per liter.

STO had increased the prices of fuel on June 25, 2022 following the increasing price of fuel in the global market due to the Russia-Ukraine war.

This comes while crude oil prices fell below USD 90 a barrel this month as investors respond to growing fears that a looming recession will drastically reduce demand for energy. The price of Western Intermediate crude oil fell below $90 per barrel and is testing a support level. Crude was down nearly 1% to $89.96 per barrel.