STO lowers petrol and diesel prices

The State Trading Organisation (STO) has lowered the prices of petrol and diesel.

STO has informed that the price of petrol was reduced by 26 laari per litre, from MVR16.68 to MVR16.42 per litre.

The price of diesel was reduced by 22 laari per litre, from MVR16.45 to MVR16.23 per litre.

STO said that this change is due to lower prices of the latest shipment, following changes in the price of oil in the world market.

STO increased oil prices in September for the third time this year. The price of petrol was increased by 47 laari per litre, and the price of diesel was increased by 49 laari per litre.

This is also the second time this year that STO reduces oil prices, the first time being in February following changes in import duty.

The Parliament's Public Accounts Committee is currently investigating accusations that STO adds a profit margin of US$30 to every barrel of oil before it is sold locally. Most members of the Committee believe that local oil prices can be reduced.