STATE TRADING ORGANISATION REVISES FUEL PRICES AMIDST MIDDLE EAST CONFLICT

The State Trading Organisation (STO) has announced an increase in fuel prices, effective 5 March 2026, attributing the revision to escalating global oil prices linked to the ongoing conflict in the Middle East.

Under the revised rates, petrol will now be sold at MVR 16.01 per litre, marking an increase of MVR 2.51 from its previous price of MVR 13.50. Diesel prices have also risen, with a litre now costing MVR 17.54, up by MVR 3.62 from the previous MVR 13.92.

Details of Price Revision

STO officially communicated the new pump prices through a post on its X (formerly Twitter) account. The changes apply to Fuel Supply Maldives (FSM) fuel stations, a subsidiary of STO.

Economic Impact and Government Stance

The price adjustments coincide with significant volatility in global commodity markets, largely driven by the Middle East conflict. Economic Minister Mohamed Saeed had previously stated at a press conference at the President’s Office that global oil prices had increased by 25 to 30 per cent.

Minister Saeed further indicated that any government intervention or response to changes in market prices would be determined by prevailing market conditions, acknowledging the broader impact of global price escalations on goods.