State Electric Company Limited (STELCO) has reduced fuel surcharges.
The change comes in the wake of reduced buying rates for STELCO, facilitated by efforts made on an initiative by President Abdulla Yameen Abdul Gayyoom. STELCO announced that starting today, STELCO can buy a liter of diesel for MVR 9.81, which is a decrease of 10 laari.
Meanwhile, State Trading Organization (STO) has begun selling food staples at reduced prices, today. STO earlier announced that the organization would be slashing 15% off the price of sugar and rice and 12% off the price of flour.
The decision comes in the wake of discussions between the Economic Council and STO after the organization's previous decision to hike prices of food staples and oil. With the organization's decision to eliminate subsidies from food staples, President Yameen had instructed STO to review the prices after negotiations with relevant government companies and institutions.