A customer pictured at an FSM fuel shed in Male. PHOTO/MIHAARU
State Trading Organisation (STO) on Sunday raised the prices of petrol and diesel by 35 laari (MVR 0.35) per litre and 44 laari (MVR 0.44) per litre respectively.
The company stated the price hike is in accordance with the changes in fuel rates in the global market.
STO had also increased fuel rates last October 2, by 57 laari (MVR 0.57) per petrol litre and 53 laari (MVR 0.53) per diesel litre.
Changes to petrol-diesel rates
Petrol – increased from MVR 9.52 to MVR 9.87 per litre
Diesel – increased from MVR 9.17 to MVR 9.61 per litre
STO had decreased the fuel rates in June this year, lowering the prices as a result of the amendment made to the Export Impact Act that month which decreased the import duty of petrol and diesel from 10 percent to five.
According to reports, fuel rates are currently at a record high compared to the past two years. A barrel of crude oil now costs over USD 63 in the United States.
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