Another Day, Another Bump in the Prices of Fuel

During a statement made this morning, it has been decided by the State Trading Organization that the price of fuel sold in the Maldives is to see yet another increase, largely due to the overall increase in the global market due to the Russia-Ukraine conflict.

They noted that the fuel prices had been rising ever so even before the conflict, but it was exacerbated due to it.

And so, now the prices have been increased as follows;

• Petrol, per liter: MVR 12.98 to MVR 14.60
• Diesel, per liter: MVR 13.04 to MVR 14.80

These changes are effective, starting today, 5th March.

Right now, a barrel of crude oil is worth USD 115.80 in the global market and it only rose above USD 100 back in 2014.

This is one of the reasons that the government is working towards more renewable sources of energy, such as Solar Power, since the Maldives gets, on average, 12 hours of sunlight per day. They have said that there are works in motion already for solar panels to be installed in over 100 islands all across the island before the end of the year.