Business

STO hikes petrol, diesel prices for fuel suppliers

A fuel supply barge pictured in Male lagoon.

A fuel supply barge pictured in Male lagoon.

State Trading Organisation (STO) has hiked the prices of petrol and diesel it sells to suppliers.

Mihaaru understands that STO’s subsidiary FSM has increased prices by 43 laari (MVR 0.43) for a diesel litre and 26 laari (MVR 0.26) for a petrol litre to suppliers. However, STO has not revealed FSM’s individual fuel prices for the two companies.

FSM sells petrol and diesel at varying prices depending on the amounts purchased by individual suppliers.

Following the changes, fuel prices will also increase for average citizens in islands.

An official of STO stated Monday that petrol and diesel prices have been hiked following increases in fuel prices in the global market. The current rate on the global market is USD 53 per crude barrel.

However, the official assured that STO will not hike prices for fuel sheds and utility companies in capital Male.

“We raised tariffs for suppliers under our mutual agreement,” said the official.

Full details are available from the link below:

Source URL: Mihaaru-News

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