STO Releases Coconut Shipment to Curb Rising Prices

The State Trading Organization (STO) released its latest coconut shipment to the Maldivian market yesterday evening in an effort to control prices.

Coconuts have been selling for over MVR 40 per piece during the Islamic holy month of Ramadan due to increased demand.

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STO confirmed that the state-owned enterprise (SOE) was ready to distribute the latest coconut shipment across the Maldives market as of Wednesday evening, with the primary aim of reducing the rising price of the item.

STO confirmed that the plans to import more coconut shipments in the coming days to maintain lower prices.

In the Greater Malé area, a small-sized coconut is being sold for MVR 25 per piece, with some priced between MVR 30 and MVR 40.

In addition to coconuts, onion prices have also risen during Ramadan. At the start of the month, onions were priced at MVR 15 per kilogram, but within five days, the price increased to MVR 20 per kilogram.

Despite the price hikes across the Maldives markets, STO had begun selling high-demand food items, including onions and coconuts, at affordable rates in the lead-up to Ramadan to ease the burden on consumers.

STO reiterated its commitment to maintaining affordable prices for essential food items during Ramadan.