STO reduces petrol, diesel prices

MALE, March 30 (HNS) -- State Trading Organization (STO), Maldives state-owned trading company, on Friday reduced price of petrol by 12 Laaris (cents), and the price of diesel by 10 Laaris. Starting from Saturday, petrol is now sold at the rate of Rf4.78 per litre, and diesel at the rate of Rf4.50 per litre. STO had earlier raised the prices of diesel, petrol and kerosene on March 6, selling a litre of diesel for Rf4.60 and a litre of petrol for Rf4.90. According to STO, the prices were lowered on Friday because "oil prices in the global market were also lowered." ($=12.85)