STO have stated that STO brings changes to oil prices based on the percentage of changes in world oil markets and not based on the daily changes.
Speaking to Miadhu News, an official of STO said that STO changed prices of oil yesterday because, there was a price hike since the beginning of September and not just based on yesterday’s rate in the world oil markets.
“STO will bring changes if prices are decreasing in the world market. We always do that. Even now oil is still the cheapest in Maldives among south Asian countries. That is because STO tries to provide oil at a cheap rate” said the official.
Maldives is the smallest and the least populated country in the world. Hence the demand for oil is less compared to other countries and it is a challenge in buying oil at low prices because that requires purchases of large quantities.
Even still, oil prices are still cheap in Maldives compared to all other South Asian countries. In South Asian region the average oil price is RF 11.50 while in Maldives it is RF 9.50. This shows how hard STO tries to provide oil at the cheapest rates.
STO changes oil prices based on the percentage of change and not based on the daily world market rates : STO
