The Maldives Industrial Fisheries Company (MIFCO) has revised its skipjack tuna purchasing structure, establishing a uniform flat rate of MVR 22.75 per kilogram regardless of total catch volume landed per vessel.
According to the daily purchase rate schedule released on MIFCO’s social media channels, the updated rate is currently applicable across its primary processing facilities and regional ports, including:
Processing Complexes: Kooddoo Fisheries Complex (KFC) and Addu Fisheries Complex (AFC)
Harbors & Collection Points: Lh. Felivaru, L. Maamendhoo, and GDh. Thinadhoo
Chronology of Recent Price Adjustments
Prior to today's shift to a flat rate, MIFCO implemented a series of phased price adjustments to align procurement costs with changing global market trends and domestic catch levels:
June 2026: Skipjack tuna purchase price raised to MVR 20.00 per kg.
August 31, 2026: Purchase price increased to MVR 21.00 per kg.
September 22, 2026: Rate further adjusted to a flat MVR 22.00 per kg.
October 13, 2026: MIFCO introduced a tiered volume-based purchasing model:
0 to 5 Metric Tons: MVR 21.00 per kg
5 to 8 Metric Tons: MVR 22.00 per kg
Above 8 Metric Tons: MVR 22.75 per kg
Industry Impact & Government Policy Framework
The tier system introduced on October 13 drew notable concern from local fishermen. Due to widespread low catch yields, small- and mid-scale boat owners struggled to reach the 5-metric-ton threshold required to unlock higher rates, effectively reducing their payouts to MVR 21.00 per kg and creating financial strain on vessel upkeep and operational fuel costs.
By replacing the tiered system with an immediate flat rate of MVR 22.75 per kg across all catch amounts, the standard rate provides direct relief to smaller vessel operators during low-yield periods.
MIFCO maintains that price adjustments reflect global supply-and-demand dynamics while remaining compliant with government policy. Under President Dr. Mohamed Muizzu’s administration, state guidelines mandate that skipjack tuna purchase prices will not fall below the baseline floor of MVR 20.00 per kilogram.
