The Maldives Industrial Fisheries Company (MIFCO) has introduced significant changes to its purchase prices for skipjack tuna, effective today.
According to information obtained by Fisher Masters, the newly implemented rates are structured as tiered flat rates based on the volume of fish landed by vessels:
0 kg up to 5 metric tons: MVR 21.00 per kg
5 metric tons to 8 metric tons: MVR 22.00 per kg
8 metric tons and above: MVR 22.75 per kg
MIFCO informed Fisher Masters (Keyolhun) today that these updated rates will apply to fish purchasing operations at the Kooddoo Fisheries Complex (KFC), Addu Fisheries Complex (AFC), and company vessels including Randhi-23, Randhi-25, Randhi-29, Jazeera-105, and Jazeera-106.
International Market Trends and Government Policy
This latest price adjustment follows phased rate increases previously introduced by MIFCO in response to fluctuations in global market prices and tuna supply-and-demand dynamics. Earlier, purchase prices were raised to MVR 20 per kg in June and MVR 21 per kg in August, before reaching MVR 22 per kg in September 2026.
Under the government's fish pricing framework, purchase rates adjust in line with international market trends and demand. However, in accordance with the pledge made by President Dr. Mohamed Muizzu during the 2023 presidential election campaign, policies remain structured to ensure the purchase price does not fall below the minimum threshold of MVR 20 per kilogram.
Fishermen Express Concern Over Potential Losses
Following the price adjustment in September, fishermen received a flat rate of MVR 22 per kg regardless of the volume landed. Under today’s revised structure, vessels landing less than 5 metric tons will receive MVR 21 per kg.
Local fishermen shared their concerns with this news outlet, highlighting that fish catch across the country is currently very low, making it difficult for most vessels to reach the 5-metric-ton threshold. As a result, fishermen—particularly small- to mid-scale operators—fear a drop in income that will leave them unable to cover basic operating costs such as fuel and vessel upkeep, leading to heavy financial losses.
MIFCO previously stated that these price adjustments aim to streamline fish purchasing operations and manage processing logistics across its vessels and facilities.
For further information regarding these changes, MIFCO advises fishermen and boat owners to contact officials at designated jetties and vessels or reach out directly to the company hotline.
