MIFCO increases diesel prices

The Maldives Industrial Fisheries Company (MIFCO) has increased the price of diesel.

In an announcement released today, MIFCO stated that changes have been brought to the price of diesel sold from the company's fish purchasing centers and vessels starting today. According to the memo, diesel will be sold at MVR 27.34 per liter to all parties weighing fish to MIFCO from today onwards.

From March 5 until yesterday, oil was sold to vessels weighing fish to MIFCO at a rate of MVR 16.54 per liter. However, with the change in price today, diesel has increased by MVR 10.80 per liter.

With this change, starting today, MIFCO will sell diesel to the general public at MVR 28.54 per liter. Up until yesterday, a liter of diesel was sold to the general public for MVR 17.54. This is an increase of MVR 11.

MIFCO has increased the price of diesel following the State Trade Organization's (STO) decision to increase the price of oil sold to businesses.