State Trading Organization (STO) Managing Director Ahmed Shaheer said the aim of the company was to create more benefits for the local businesses.
Speaking in a press conference today in STO Head Office, Shaheer said that STO prioritized on serving the public over profits, as instructed by President Yameen in the 50th anniversary of the company.
Noting the reduction in prices for fuel, Shaheer said the prices were now the lowest in the region. He added the changes in the prices of fuel will impact all the sectors of the country.
Shaheer said that STO had always tried to maintain level prices when the oil prices in the international markets were skyrocketing. He noted that at that time STO had sold oil with only a one percent profit margin, stating that no other business will carry out such a policy.
He added that the company was working to further reduce the prices.
“The most important aspect is keeping a regular stock. We have begun to expand our bunkering services in Funadhoo; it is expected to be completed this year. A barge will also be brought in,” Shaheer said.
Shaheer said that once the projects were completed, then STO will be able to further reduce the prices.
STO aims to make more profitable businesses: MD Shaheer
