After deliberating on the impact of increasing prices of diesel fuel in the world market to Maldivian economy, the Cabinet has today decided to cut import duty on diesel fuel by 50 percent.
State Trading Organisation (STO) has recently increased price of diesel fuel twice, in response to rising world oil prices, especially the price of diesel fuel.
The Cabinet’s decision comes after in depth discussion, at today’s Cabinet meeting, on abating drastic fluctuations in diesel prices in the Maldivian market in quick successions due to unpredictable world fuel prices.