STO announced a reduction in diesel and petrol prices, the third consecutive cut this year, lowering diesel by MVR 0.45 to MVR 14.62 per litre and petrol by MVR 0.40 to MVR 14.33 per litre. The announcement, made on Friday, comes amid falling global fuel and crude oil prices, with STO acting as a state-subsidised price stabiliser.
Tracked MVR 0.45 Fuel and gas prices
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The company is led by the new Chief Executive Officer and Managing Director, Shimad Ibrahim, who was confirmed on 28 November by the STO Board of Directors.
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Diesel prices per litre were reduced by MVR 0.45, and petrol by MVR 0.40.
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Diesel prices per litre were reduced by MVR 0.45, and petrol by MVR 0.40.
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A litre of diesel will now cost MVR 14.62, with petrol costing 14.33 per litre, according to the announcement made on Friday.
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A litre of diesel will now cost MVR 14.62, with petrol costing 14.33 per litre, according to the announcement made on Friday.
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Prices had previously been MVR 15.07 and MVR 14.73, respectively, per litre.
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Prices had previously been MVR 15.07 and MVR 14.73, respectively, per litre.
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As of early December 2023, the average global price of gasoline is around 1.33 U.S. Dollars per litre, with significant variations observed across different countries.
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crude oil prices have seen a notable decrease, reaching a five-month low of approximately $69 per barrel in December 2023, significantly lower than the $91 per barrel recorded in September 2023.
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crude oil prices have seen a notable decrease, reaching a five-month low of approximately $69 per barrel in December 2023, significantly lower than the $91 per barrel recorded in September 2023.
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While the state owns 82 percent, the remaining 18 percent is publicly held.
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While the state owns 82 percent, the remaining 18 percent is publicly held.
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Earlier reports gave 18 percent 29 Oct, 22:54 Maldives Republic