STO Announces Fuel Price Reduction Amid Global Price Decline

State Trading Organization plc (STO) has announced a reduction in the prices of oil products due to a decline in global market prices. Effective from May 27, 2024, Diesel and Petrol prices will decrease by MVR 0.70 and MVR 0.35 per litre, respectively.
As a result, consumers can expect the following prices at Fuel Supply Maldives stations:

• Petrol: MVR 13.98 per litre
• Diesel: MVR 13.92 per litre

In a press release, STO emphasized its commitment to providing sustainable services and assured customers that fuel prices in the Maldives will be adjusted according to global oil price fluctuations.
"By aligning our prices with the global market, we aim to ensure that our customers benefit from any decreases in international oil prices," stated an STO representative. "This move is part of our ongoing efforts to offer competitive and fair pricing for essential commodities in the Maldives."
The price reduction is expected to positively impact various sectors, including transportation, fishing, and tourism. Lower fuel prices may lead to decreased transportation costs, potentially resulting in lower prices for goods and services, providing relief to both consumers and businesses.
STO's proactive approach in adjusting prices reflects its dedication to supporting the Maldivian economy and its people. The organization's transparent pricing strategy ensures that Maldivian consumers benefit from global market trends, contributing to overall economic stability.
This recent announcement underscores STO's commitment to providing high-quality and affordable products, supporting the overall well-being and economic stability of the Maldives.