STO reduces price of staple food items and fuel

BY: latheef, 20 Apr 2017

State Trading Organization (STO) has reduced price of staple food items and fuel.

Speaking to the press at the head office of STO, the MD of STO Ahmed Shaheer said that starting from next Sunday rice and sugar will be sold with a discount of 15 percent. This means that from one sack 60 Rufiyaa will be reduced. In addition, 12 percent will be reduced from flour.

This means from rice and flour; 1.20 Rufiyaa will be reduced per kilogram. From flour 70 Laari will be reduced per kilogram. Shaheer said that a lot of people were worried about the price hike after the subsidy policy of the government was changed last October. He said that hence STO was working on ways to reduce the price of these goods.

“President Yameen desires to make the price of staple food items as cheap as possible. That is why we have been discussing with the president’s office and other institutions on ways to reduce the price” said Shaheer.

Shaheer said that the price reduction is a result of changes brought to logistics, on receiving money from the government to STO and on sourcing of these goods. “Government has arranged a good procedure to pay the money it owes to STO” said Shaheer.

In addition, he said that STO provides assistance to businesses that sell staple food items within the atolls. He said that, they also provide assistance in transportation of the goods.

“We are making arrangements so that staple food items will be always in stock in all the islands. In addition, we are making arrangements to sell these items at the lowest possible price” said Shaheer.

To provide the best quality staple food items, STO imports flour from Europe.

As for fuel, STO has reduced 10 Laari from a diesel liter and reduced 20 laari from a liter of petrol. While price of staple food depends on the world oil markets, Shaheer said that these changes were brought at a time the price of oil in world market has started to rise.

“Even in such a situation, we want to provide for the people at the lowest possible price” said Shaheer. He said that some SAARC countries refine oil on their own but still staple food and fuel are the cheapest in Maldives among SAARC countries.

There was a hike in oil price in the world market after the recent attack on Syria by US.

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