Maldives Industrial Fisheries Company (MIFCO) has maintained the price of fuel sold to fishermen at previous rates.
MIFCO suddenly increased the price of fuel sold to fishermen yesterday, forced by the State Trading Organization (STO), from which the company buys fuel, increasing the price of fuel sold to businesses. When STO increased the price of fuel, MIFCO had to sell a litre of diesel to fishermen yesterday at a higher price of MVR 16.54, an increase of MVR 10.80. This is the highest rate at which MIFCO has sold diesel to fishermen in recent history.
MIFCO stated today that, having reviewed STO's decision, under the government's "Fahi Hakatha" program specially conducted for fishermen, arrangements have been made to provide fuel at subsidized prices as before, and therefore MIFCO has decided to maintain the price of fuel sold to fishermen at the previous rate.
With this change, starting today, MIFCO will sell diesel to fishermen at the prices announced by MIFCO on 5 March 2026. That is, MVR 16.54 for vessels weighing fish to MIFCO, and MVR 16.04 per litre of diesel for vessels weighing more than three tonnes. And, a litre of diesel will be sold to the general public for MVR 17.54.
MIFCO said that this change in fuel prices is a step taken under the government's efforts to facilitate things in a way that minimizes the burden on fishermen during this period.
