State Trading Organization (STO) has cut down the fuel price for the fifth time.
According to STO, this time MVR 2.37 would be reduced from every liter of petrol starting Monday while MVR 2.33 would be reduced from every liter of diesel.
The reduction of prices now brings fuel prices in the country down to MVR 10. STO had now reduced the prices of fuel for the fifth time, following the slumping prices of oil across the globe.
STO Managing Director Adam Azim said that STO aims to provide STO fuel to the public at its minimum possible rate.
Adam Azim said that the fuel price is cheap in Maldives considering the fuel price in neighboring countries.
He said that STO is reducing the fuel price following the guidelines of President Abdulla Yameen Abdul Gayoom.
He said that the President wants to reduce the fuel price at its minimum possible rate.
STO cuts down the price of fuel for the fifth time
