STO release new coconut shipment to maintain price

The State Trading Organization (STO) on Wednesday evening released its latest coconut shipment to Maldives market in a bid for price control.

Coconuts have been selling over MVR 40 per piece amid the Islamic holy month of Ramadan owing to growing demands.

Yoosuf Shah, the media official of STO, while speaking with ‘Sun’ Online confirmed the state-owned enterprise (SOE) was prepared to distribute the latest coconut shipment across the Maldives market as of Wednesday evening, and the primary objective of this was to bring down the inflating price on the item.

Shah further confirmed STO’s plan of importing more coconut shipments in the coming days to maintain lower price on the item.

At travelers’ market in Greater Male’ area, a small-sized coconut is selling for MVR 25 per piece while some of these are sold between MVR 30 and MVR 40 per piece as well.

Besides coconut, price on onion has inflated amid Ramadan as well. At the beginning of Ramadan, onion was sold at MVR 15 per kilogram, which has risen to MVR 20 per kilogram in just five days.

While price on these items have lifted across Maldives markets, STO had begun selling most in-demand food items – including onion and coconut – at affordable rates ahead of Ramadan to ensure ease for consumers.

STO added it remains committed in maintaining affordable price ranges for fast-moving food commodities during Ramadan.