STO hikes prices of petrol and diesel again

State Trading Organization Plc. (STO) has increased the price of petrol and diesel being sold by the company once again.

The company attributed the changes to the prices to reflect the increased cost of importing oil – stemming from the rise in oil prices in the global market.

They also stressed that the current prices of oil in the global market have spiked to levels it has not for in the past seven years.

As such, the price of petrol has been increased to MVR 12.06 per liter – and the price of diesel has been increased to MVR 12.44 per liter.

The last time STO had revised the prices of petrol and diesel being sold by the company was back in October of last year. With the changes back then – the company had been charging MVR 11.16 per liter for petrol and MVR 11.84 per liter for diesel – up until today.

In the global market – currently, a crude oil barrel costs USD 88. At the start of this month, the price was at USD 77.