The State Trading Organization (STO) has reduced the price of fuel sold by the company.

STO is the main importer of oil to the Maldives with a majority of shares held by the government. With effect on Monday (May 27), new prices at petrol sheds of the STO subsidiary Fuel Supply Maldives (FSM) will be MVR 13.98 per liter of petrol and MVR 13.92 per liter of diesel, the company announced.

The changes represented an MVR 0.70 reduction in the price of diesel and an MVR 0.35 reduction in the price of petrol.

The fuel prices were lowered due to a decline in global oil prices, STO said.

"STO has always been working to continue all the services provided by the company to the public without interruption in a sustainable manner. As such, we assure customers that we will keep changing prices in the Maldives along with changes to the price of oil sold in the world market," the company said.

Changes to fuel prices

• May 27, 2024: MVR 13.98 per liter of petrol, MVR 13.92 per liter of diesel
• December 8, 2023: MVR 14.33 per liter of petrol, MVR 14.62per liter of diesel
• June 9, 2023: MVR 14.73 per liter of petrol, MVR 15.07 per liter of diesel
• May 1, 2023: MVR 15.14 per liter of petrol, MVR 15.70 per liter of diesel
• August 18, 2022: MVR 15.97 per liter of petrol, MVR 16.32 per liter of diesel
• June 24, 2022: MVR 16.55 per liter of petrol, MVR 16.77 per liter of diesel
• June 24, 2022: MVR 12.06 per liter of petrol, MVR 12.44 per liter of diesel
• March 21, 2021: MVR 8.07 per liter of petrol, MVR 8.71 per liter of diesel