Today, State Trading Organization Plc (STO) has revealed their decision to increase the price of petrol and diesel being sold by the company. The underlying reasoning has been highlighted as the rise in prices in the international markets as the highest oil exporting country in the word – Saudi Arabia – has put a limit on their daily oil exporting rate to just one million barrels per day.
Effective of 21st February, STO will be charging MVR 8.44 for 1 liter of petrol which is an increase by MVR 0.37. The price of 1 liter of diesel which stood at MVR 8.71 up until now has been increased to MVR 9.19 per liter.
Prior to this, the last time STO has brought a change to the prices of diesel and petrol was back in March 2020 in which the company had actually lowered the prices.
State Trading Organization Plc (STO) having numerous subsidiaries, join ventures and associates engages in businesses in the areas; petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronics, supermarket products and insurance. Nevertheless, their most profitable business area has in the recent years mostly been its fuel trading services – including that of last year.