Maldives raises fuel prices

October 03, 2007 (LBO) — Maldives on Wednesday raised fuel prices to keep pace with galloping world crude prices, the State Trading Organisation said. Prices of diesel go up 0.35 cents to Maldive Rufiyaa 8.65 (0.68 US cents), while kerosene costs 0.25 cents more or Maldive Rufiyaa 9.30 (0.74 US cents), the statement said.

In comparison to prices of fuel in world markets this change is still minimal, the company said adding that petrol prices have not been revised.

STO, which is privately-run but partly government-owned, has maintained diesel prices for the past four months amidst rising crude prices in the world.

The company said they have maintained the price of kerosene for the past one-year.

About 700 kilometres (435 miles) southwest of Sri Lanka, Maldives is a string of 1,192 coral islands scattered across the equator. Only 200 of the islands are inhabited, and the atoll nation imports virtually all its needs.

The economy of just under a billion dollars is largely driven by tourism and fishing. Tourism has helped make this Indian Ocean Island one of the richest nations in South Asia with a per-capita income of 2,674