State Trading Organization, STO has increased the price of oil.
Starting from today, STO will be selling a liter of petrol for MVR 11.49 and a liter of diesel for MVR 12.11.
Previously the price of 1 liter of petrol was MVR 10.79 and the price of 1 liter of diesel was MVR 11.49. Hence STO has increased 82 laari from a petrol liter and 62 laari from a diesel liter.
According to STO, the price hike is as a result of the reduction in production by OPEC countries and because US has ended waivers to the European countries which traded with Iran.
As a result STO has to buy oil from world markets at a higher price.
