Stating Trading Organization (STO) has increased its diesel and petrol prices once again.

STO revealed that the price hike follows an increase in prices in the international market.

As such, the price of fuel being sold at Fuel Supplies Maldives (FSM) sheds have been increased from June 24.

With the move, the price of a liter of petrol has been increased to MVR 16.55. A liter of petrol was previously priced at MVR 14.60. This is a hike of MVR 1.95.

In addition, an MVR 1.97 hike in diesel prices was also implemented, with a liter of diesel, earlier priced at MVR 14.80 now being priced at MVR 16.77.

The last revision to petrol and diesel prices was brought during March this year.

A barrel of crude oil is presently priced at USD 107 at an average. Experts earlier anticipated the price hike to be effective later this year. However, due to the unforeseen circumstances brought about by the ongoing Russia-Ukraine conflict, fuel prices have been surging globally.