Monday 16 Mar 2026
An FSM fuel barge: STO significantly raises prices at which petrol and diesel are sold to businesses. (Photo/FSM)
The State Trading Organization (STO) has enacted a substantial increase in bulk fuel prices for private businesses across the Maldives. Revised rates significantly impact diesel and petrol procurement, particularly within the atolls, where costs are notably higher due to logistical factors. While private distributors report severe price surges, STO clarifies that these adjustments apply exclusively to commercial tiers, and public retail prices at Fuel Supplies Maldives stations remain unaffected. This policy shift, driven by global market volatility, has sparked concern regarding potential inflationary pressure on essential goods and services, despite government assurances regarding supply stability.
Effective Monday, the State Trading Organization (STO) has introduced a significant increase in the prices of petrol and diesel supplied to private businesses.
Owners of businesses engaged in the distribution and sale of fuel across various regions told Sun on Monday that STO has revised its bulk fuel delivery rates. Although the adjustments differ by region depending on transportation distances, and the changes reflect a substantial overall increase.
According to a fuel trader operating in the Malé area, the price of diesel has risen sharply from MVR 16.52 per liter yesterday to MVR 27.22 today. Likewise, the price of petrol has increased from MVR 15.00 to MVR 26.14 per liter.
The effects of the price revision are far more prominent in the atolls. A businessman from Noonu Atoll stated that the delivered price of petrol in the region has reached MVR 27.13 per liter, while diesel is currently priced at MVR 28.32 per liter.
These higher procurement costs for private distributors are expected to significantly raise retail fuel prices in the atolls compared to the Malé region. Businesses have expressed concern that the increases will place a considerable financial burden on residents and contribute to a broader rise in the cost of goods and services across the atolls.
Responding to these concerns, an STO official told Sun that commercial fuel rates are structured under a separate pricing system with multiple tiers that vary according to supply arrangements. The official emphasized that despite the adjustments for private businesses, retail prices at Fuel Supplies Maldives (FSM) stations remain unchanged for the general public. The company added that any future changes to public retail prices would be formally announced.
Concerns are also growing regarding the potential economic impact on the Maldives if the ongoing conflict continues, particularly in relation to the volatility of global fuel prices.
Earlier this month, shortly after the conflict began, Minister of Economic Development Ahmed Saeed assured the public that the country would not face shortages of fuel or gas and that supplies of essential food items would remain stable.
Amid the disruptions in global markets caused by the conflict, the Maldivian government has also formally requested assistance from India to help ensure a stable and secure supply of fuel to the country.
