State Trading Organization (STO) has reduced the price of petrol and diesel.
This reduction follows cuts in duty of fuel imports from 10 to 5 percent. Prior to this reduction, both diesel and petrol was sold for MVR 8.95 per litre.
As per information provided by STO, 51 laari has been reduced from the price of every diesel liter, whereas from the price of every petrol liter, 31 laari is reduced, thereby reducing the prices of diesel and petrol to MVR 8.45 and MVR 8.65 respectively.
The Managing Director of STO Ahmed Shaheer said that, this reduction in the price of petrol and diesel is due to the slash in duty levied on petroleum products by the government. STO has also reduced the prices of petroleum the company supplies to utilities companies, STELCO and Fenaka Corporation. Shaheer also said that, with this slash in prices, petroleum products sold to fisherman by MIFCO will be sold at a reduced price.
Last week, Parliament endorsed the amendment to the Import Export by reducing 5% from petroleum products.