Government Provides 1.1 Million Litres of Subsidised Fuel to Protect Fishing Industry

The Maldivian government has distributed over 1.1 million litres of subsidised fuel to local fishermen to shield the nation's vital fishing sector from the economic volatility caused by the Middle East conflict. The initiative aims to ensure the domestic fleet remains operational as global fuel prices continue to fluctuate. Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam announced during a press conference at the President's Office that 958 vessels have received support to date. Minister Shiyam emphasized that the primary goal is to encourage fishermen to continue their operations at sea despite the current global economic pressures, positioning the fuel subsidy as a critical lifeline for the industry. Managed through the Maldives Industrial Fisheries Company (MIFCO), the fuel allocations are scaled based on vessel size to ensure equitable support. Large vessels exceeding 85 feet received 5,000 litres, mid-sized vessels between 50 and 85 feet were allotted 3,000 litres, and smaller vessels under 50 feet received 1,500 litres. The distribution was concentrated in key fishing hubs. The MIFCO centre in Kooddoo handled the largest volume with 583,220 litres, followed by Addu City with 255,445 litres. Other significant distributions occurred at the Hulhumalé centre (133,004 litres), Felivaru centre (72,710 litres), and Himmafushi centre (62,251 litres). To further reduce overheads, the government has set the subsidised rate for fishing vessels at USD 1.07 per litre. For bulk purchases exceeding three tonnes, the price drops further to USD 1.04 per litre. This targeted pricing provides a significant financial cushion compared to the standard diesel rate of USD 1.14 per litre available to the general public, ensuring that the fishing community is prioritized during this period of instability.