STO Lowers Oil Prices As A Result Of Declining Oil Prices In The World Market

As oil prices are declining in the world market, STO has announced that they are lowering the oil prices as well. After adjustments are brought to the prices, a diesel litre will now be available for MVR 16.32 and a petrol litre will be on sale at the price of MVR 15.97. The new prices will be effective starting from today.

As the world faces the repercussions of the global Covid-19 pandemic and the Ukraine-Russia war, the global economy is currently facing its adverse effects. During these trying times, the world oil market saw great fluctuations in its prices, with prices soaring to new levels in 7 years.

State Trading Organisation (STO) only raised the prices of oil twice, even with continual rise of prices in the world market. Even though they raised the prices, the new prices were considerably cheaper compared to the rate at which the organization was buying the oil. STO is continuously striving to serve the public by bringing convenient changes to their services