Business

Petrol, diesel prices up with upsurge in global rates

FSM fuel shed

An FSM fuel shed in capital Male. PHOTO: HUSSAIN WAHEED/MIHAARU

State Trading Organisation (STO) on Wednesday raised the prices of petrol and diesel by 54 laari (MVR 0.54) per litre and 80 laari (MVR 0.80) per litre respectively.

With this development, STO’s new rate is MVR 10.41 per litre for petrol and diesel.

The company stated the price hike is in accordance with the changes in fuel rates in the global market. Fuel rates are currently at an all-time high, with a barrel of crude oil now costing USD 70. This is the first time for the crude oil rate to break the USD 70 cap.

According to reports, the spike in fuel rates in the global market was caused by increased fuel production in OPEC nations and Russia and a higher economic development, leading to a surge in fuel demand. A barrel now costs USD 70.37 in the UK and USD 64.89 in the US.

STO had also increased fuel rates last November, by 35 laari (MVR 0.35) per petrol litre and 44 laari (MVR 0.44) per diesel litre.

Full details are available at the link below:

Source URL: Mihaaru-Business

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