Petrol and diesel prices slashed

The State Trading Organisation on Sunday reduced the price of diesel by MVR2 and petrol by MVR1, reflecting a fall in global oil prices.

The new price of diesel is MVR9.99 (US$0.6) per litre, down from MVR11.9 per litre. The price of petrol was reduced from MVR11.19 per litre to MVR10.19 per litre.

About 30 percent of the Maldives’ GDP is spent on importing fossil fuels. More than MVR3.5 billion (US$227 million) worth of fuel was imported in 2016, according to customs statistics.