STO raises petrol price by MVR 0.30

State Trading Organization (STO) has raised the price of petrol by MVR 0.30.

STO said that they had to elevate the price of the imported fuel due to the raise in the global market. The company said that the price change would be effective from 6 January 2017.

And so the price of a petrol liter starring today would be MVR 9.35.

With the price drop in oil causing the exporting countries more loss than profit, the Organization of Petrol Exporting Countries (OPEC) and 11 countries outside the organization agreed to reduce the oil production to maintain a level price.