Managing Director of State Trading Organization (STO) Ahmed Shaheer has stated that the international prices of petroleum would not always result in the inflation of prices in the local market.
In the press briefing held at the STO Head office to announce the increased price, the Managing Director of STO stated that compared to the international prices, the local price inflation is comparatively low. Ahmed Shaheer further stated Maldives being a small nation, it is difficult to attain a discount rate of petroleum. He further stated that a huge expenditure is spent in importing petroleum.
The latest inflation of international petroleum prices has resulted in an increase of MVR 0.53 from a diesel litre and MVR 0.57 from a petrol litre. With the changes in the petroleum prices, a diesel litre would cost MVR 9.17 and a petrol litre would cost MVR 9.52.