Dropping Petrol & Diesel Prices in Maldives

Saturday 14th of March 2020

Dropping Petrol & Diesel Prices in Maldives

State Trading Organization has announced that they are cutting down the petrol and diesel prices due to the intense decrease in the fuel prices around the world.

Starting from 13th March, a litre of diesel will be priced at MVR 10.39 while a litre of petrol will be available for MVR 9.60. Petrol was previously priced at MVR10.18 per litre. This is the fourth consecutive year that STO has lowered the prices of their petrol and diesel since last year May.

On 8th March, the prices in oil market dropped to its lowest in decades in just seconds, since the Gulf War in 1991. This is fueled by sinking demand due to coronavirus concerns, which has in turn sparked a series of price cuts.

As a response to the drop in prices, The Organization of the Petroleum Exporting Countries is currently operating under an agreement with a number of non-members to limit production. The most important, by far, of these is Russia as it is currently producing more oil than any OPEC member including Saudi Arabia. However, Russia refuses to cut production.