The State Trading Organization (STO) has announced a reduction in the prices of diesel and petrol, attributing the adjustment to a decrease in global fuel prices. The state-owned company has lowered diesel prices by MVR 0.70 per litre and petrol prices by MVR 0.35 per litre.

Following the adjustment, diesel is now priced at MVR 13.92 per litre, and petrol is available at MVR 13.98 per litre, according to the announcement made on Sunday.

This latest price adjustment follows a similar reduction of fuel prices by STO in December 2023. At that time, the price of a litre of petrol was decreased from MVR 14.73 to MVR 14.33, while the price of a litre of diesel was reduced from MVR 15.07 to MVR 14.62.

STO emphasised its commitment to ensuring its services’ sustainability without interruption. The company regularly adjusts the prices of fuel it sells in response to global fuel prices, which currently stand between US$77 and US$83 per barrel.

The government subsidizes the fuel sold by the State Trading Organization (STO). In 2023, the government provided STO with MVR 1.9 billion in fuel subsidies, and MVR 770 million is earmarked for the same purpose in this year’s budget.