Rising global oil prices driven by unrest in the Middle East are placing pressure on Maldivian fishermen, prompting government intervention to ensure continued fishing operations.
The government, under the direction of President Mohamed Muizzu, has introduced measures to provide affordable fuel to fishing vessels and maintain the sustainability of the industry.
State Minister for Fisheries and Agriculture Mohamed Muththalib said fluctuations in oil prices remain the biggest challenge facing the fisheries sector. He noted that the government acted swiftly in response to the price increases linked to the conflict in the Middle East.
He said State Trading Organisation (STO) arranged for fishermen targeting large fish species to obtain fuel at controlled rates in the Malé area, while the Maldives Industrial Fisheries Company (MIFCO) facilitated access to fuel for fish suppliers at adjusted prices.
The State Minister said the primary objective is to ensure that fishermen are able to continue operations without disruption and to keep the sector viable.
Fuel distribution initially focused on key locations, including Hulhumalé and Himmafushi for large-scale fishing operations, and Felivaru, Kooddoo and Hulhumeedhoo in Addu City for other fishing groups. However, recognising the need for wider access, the government has expanded supply arrangements to 13 islands with existing STO fuel sheds.
Muththalib said STO is working to maintain uninterrupted supply despite rising global costs, noting that fuel is being procured at higher prices due to market conditions.
“The Ministry of Finance, Ministry of Fisheries, Agriculture and Ocean Resources and Maldives Industrial Fisheries Company (MIFCO) are working together to ensure fishermen continue to receive fuel despite the price increases. There are challenges in meeting full demand during this period,” he said.
The fisheries ministry said the measures are expected to reduce operational costs for fishing vessels and provide significant relief to fishermen.
More than 1.1 million litres of fuel have already been distributed under the government’s initiative to support the sector amid the ongoing Middle East crisis, according to the ministry.