The State Trading Organisation (STO) has expressed confidence the prices of fuel will reduce, once the fuel storage is changed to Maagirifalhu, Kaafu Atoll. The fuel storage is currently located in Funadhoo, Shaviyani Atoll.
The Managing Director of STO Shimad Ibrahim stated that the project of transferring the fuel storage to Maagirifalhu is given a high priority. He disclosed that, under these efforts, the project has secured the services of two foreign consultants.
Highlighting that the fuel storage capacity in Funadhoo cannot be increased, Shimad added that the island was not the safest place for a fuel storage to be situated. He noted that transferring the storage to Maagirifalhu will allow oil tankers and economical-sized vessels to dock safely, reducing the landed fuel costs, eventually reducing the overall prices of fuel.
The government has planned to develop Funadhoo as a Special Economic Zone (SEZ) after relocating the fuel storage to Maagirifalhu. President Dr. Mohamed Muizzu also revealed plans to develop the island as an international financial hub, while speaking at the inauguration of the megaproject to develop Velana International Airport (VIA) and the special economic zone. The president also stated that the transfer of storage will commence this year and will be completed within a duration of 18–24 months.