State Trading Organization Public Limited (STO Plc) has increased the prices of petrol and diesel.

Rf 0.85 had been increased per liter of petrol while Rf 0.45 had been increased per liter of diesel. With the price increment, a petrol liter will is now sold for Rf 9.75 while a diesel liter is sold for Rf 8.05.

A press statement from STO said that oil prices had to be increased as the price of the latest shipment they brought has increased.

While STO has increased the oil prices, price of a crude oil barrel has fallen to US $ 50 after rising to US $ 60. STO’s Managing Director Shahid Ali in speaking to Haveeru Daily has said that price of refined oil is on the rise even though the price of crude oil has decreased. He also stated that price of refined oil is expected to rise further.

The last time STO increased oil prices were in 18th June, when Rf 0.70 was increased per liter of petrol while Rf 0.30 was increased per liter of diesel.