Fuel prices rise sharply: petrol at MVR 16.01, diesel at MVR 17.54
State Trading Organisation raises pump prices from 5 March, citing supply disruptions in the Gulf and the Strait of Hormuz.
Pump prices rose by more than eighteen per cent on Thursday, with petrol moving from MVR 13.50 to MVR 16.01 a litre and diesel from MVR 13.92 to MVR 17.54, effective from 5 March. The State Trading Organisation cited supply disruptions linked to the Iran war, which began with joint US and Israeli strikes on 28 February.
Maldives spends, on average, US$443.6 million a year on diesel imports, most of it for electricity generation. Analysts at the Maldives Monetary Authority warned in a private briefing that a prolonged closure of the Strait of Hormuz could push oil past US$120 a barrel and pass a further shock to pump prices.
More from Business
Maldives settles the five-hundred-million Islamic bond
The April maturity is met on time as a fresh sukuk of US$350 million is placed with Gulf and Asian investors.
Maldives to host the 30th Session of the Indian Ocean Tuna Commission
A milestone for a fishing nation that has long wanted the regional treaty body in its own harbour.
India approves thirty-billion-rupee drawdown as Male' settles October 2024 swap
The Reserve Bank of India and the Maldives Monetary Authority move in concert — a drawdown and a settlement on the same day.
Debt servicing is projected to peak at a billion dollars this year, World Bank says
A high-water mark for the balance of payments, arriving at the same moment as tourism revenue softens.