Fishing vessels operating in the Maldives will be able to purchase fuel at subsidised rates from State Trading Organization (STO) outlets starting Wednesday, as the government moves to ease pressure on the fisheries sector following a sharp rise in global oil prices.
The Fisheries Ministry confirmed that vessels registered under the ‘Fahi Hakatha’ initiative will be eligible for fuel at STO shed rates. Subsidised fuel will be made available across multiple locations, including HA. Ihavandhoo, HDh. Hanimaadhoo, Sh. Milandhoo, B. Eydhafushi, F. Nilandhoo, K. Himmafushi, R. Dhuvaafaru, Dh. Kudahuvadhoo, Lh. Felivaru, GA. Kooddoo, Fuvahmulah City, Hulhumeedhoo in Addu City, and Hulhumalé Jetty. Additional supply points also include Lh. Naifaru.
The measure comes as global oil markets face significant disruption linked to the ongoing conflict in the Middle East, which has driven fuel prices higher. Diesel prices at STO have risen to MVR 17.54 per litre.
Rising fuel costs have affected fishing activity in recent weeks, with some vessels suspending operations due to higher operating expenses. This has led to a decline in catch volumes and contributed to shortages and higher prices for fish products in the domestic market.
The expanded subsidy programme is expected to support the resumption of fishing operations by reducing fuel costs for vessel operators and stabilising supply in the fisheries sector.
