The State Trading Organization (STO), the largest oil importer in the country, has decided to increase prices from today.

This was due to changes in global oil prices following the Iran war that began on Saturday.

Change in prices

The new prices from Fuel Supply Maldives (FSM) sheds are:

• Petrol: MVR 16.01 per litre (Previously MVR 13.50 - this is an increase of MVR 2.51)
• Diesel: MVR 17.54 per litre (Previously MVR 13.92 - this is an increase of MVR. 3.62)

This is the biggest increase in oil prices since March 2020. Prices had previously risen due to the Russia-Ukraine conflict. But prices had been declining since 2023.

The most recent change in oil prices was on March 23 last year, when petrol prices were reduced by MVR 0.48 per litre.

At the beginning of President Mohamed Muizzu's administration, petrol was for MVR 14.73 per litre and diesel was MVR 15.07 per litre.

The increase in petrol and diesel prices will also increase the prices of goods and services. It will also worsen the dollar shortage crisis in the country.