State-run Fuel Supplies Maldives (FSM) has increased fuel prices by up to 26 percent as global oil prices surge amid the escalating US-Israel conflict with Iran, which is disrupting shipping across the Gulf region.
The State Trading Organisation (STO) announced that the new prices for petrol and diesel will take effect from Thursday, citing changes in the international oil market.
Under the revised rates, petrol will increase by MVR 2.51 per litre to MVR 16.01 per litre, marking an 18.6 percent rise. Diesel will increase by MVR 3.62 per litre to MVR 17.54 per litre, representing a 26 percent increase.
Before the adjustment, petrol was sold at MVR 13.50 per litre, while diesel was priced at MVR 13.92 per litre.
Another fuel retailer, Hawks Private Limited, has also revised its prices, increasing diesel by MVR 3.62 per litre and petrol by MVR 2.51 per litre.
This marks the single biggest fuel price hike in recent history.
The move comes as traffic through the Strait of Hormuz, the world’s most critical oil chokepoint, has slowed amid the escalating conflict involving Iran. The Strait, a narrow shipping lane between Iran and Oman, carries around one-fifth of the world’s oil and gas supplies, making it one of the most vital routes for global energy trade
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