The State Trading Organisation (STO) has received a new shipment of fuel, with another on the way.
Global fuel and gas prices have risen sharply due to the ongoing conflict in the Middle East. Petrol and diesel imported into the Maldives are high-grade refined fuels, and local prices for these products have also risen significantly. As a result, concerns have been raised by the public over possible disruptions to fuel availability. However, STO said there is currently no shortage of fuel despite public concerns.
STO is also arranging a new gas shipment, while its subsidiary, Maldive Gas is selling gas in limited quantities due to increased demand.
STO’s fuel prices have been revised in line with global market trends. Prices are based on a weighted average of imported shipments, as previously explained by Minister of Finance and Planning Moosa Zameer. Therefore, changes to global market prices will affect local prices.
The government plans to use subsidies from STO profits to help absorb price increases. Officials say fuel in the Maldives is still being sold at a cheaper rate than global market rates.