The State Trading Organisation (STO) has received a new shipment of fuel, with additional consignments expected to arrive shortly. This update comes amid rising global fuel and gas prices driven by the ongoing conflict in the Middle East.
Since the petrol and diesel imported into the Maldives are high-grade refined fuels, local prices have increased significantly in response to international market trends. While these fluctuations led to public concern over potential disruptions to availability, STO has assured that there is currently no shortage of fuel in the country.
In addition to fuel, STO is arranging a shipment of cooking gas. Its subsidiary, Maldive Gas, has been distributing gas in limited quantities to manage a recent surge in demand, but supply is expected to stabilize as new stock arrives.
Fuel prices set by STO continue to be revised in line with global market movements. According to Minister of Finance and Planning Moosa Zameer, local pricing is determined by a weighted average of imported shipments. Consequently, any shifts in the international market directly impact the cost at the pump.
To mitigate the impact on the public, the government plans to utilize subsidies generated from STO’s profits to help offset rising costs. Officials noted that, despite recent price adjustments, fuel in the Maldives is still being sold at rates lower than prevailing global market prices.
