MIFCO Begins Selling Diesel to Fishermen at Subsidised Rates Following Decision

The Maldives Industrial Fisheries Company (MIFCO) has begun implementing its decision to maintain the price of fuel sold to fishermen at the previous rate.

Following the State Trading Organization's (STO) decision to increase the price of fuel sold to businesses, MIFCO increased the price of diesel sold to fishing vessels on the 16th of this month. However, the following day, the company announced its decision to maintain the previous selling price.

On the 17th of this month, MIFCO stated that, having reviewed STO's decision, the government has arranged for fuel to be available at subsidised rates under the "Fahi Hakatha" programme specifically for fishermen, just as before. Therefore, MIFCO decided to maintain the price of fuel sold to fishermen at the previous rate. However, due to internal issues at MIFCO and a shortage in fuel supply, there were delays in implementing this.

Nevertheless, today MIFCO has implemented its decision and begun selling fuel to fishermen at the subsidised rate, as announced by the company on 5 March 2026. Currently, all MIFCO facilities are issuing diesel to vessels weighing fish to MIFCO at the revised rate of MVR 16.54.

MIFCO stated that, due to diesel shortages within the company, diesel will be sold under specific regulations. At present, diesel is being issued at a rate of 1200 litres for vessels over 85 feet and 800 litres for vessels under 85 feet. Furthermore, MIFCO stated that vessels wishing to purchase diesel in quantities exceeding this will be sold at the FSM shed rate.

MIFCO stated that the decision to begin selling diesel to fishing vessels at a subsidised rate under a specific arrangement, even during this difficult time, was made to facilitate matters for fishermen with as little hardship as possible.