Maldives Launches Fuel Subsidy to Protect Yellowfin Tuna Fishermen

The Ministry of Fisheries and Ocean Resources has launched a subsidised fuel program through the State Trading Organization (STO) for vessels targeting yellowfin tuna. This direct intervention is designed to shield local fishermen from the sharp rise in global fuel prices, which has been exacerbated by conflict in the Middle East. The government, which consulted with the fishing community on the initiative, identified the yellowfin tuna fishery as a critical economic pillar. The subsidy aims to sustain livelihoods and bolster the sector's resilience during a period of global economic uncertainty. By lowering operational costs, officials hope to maintain fishing activity and stabilise supply chains that are vital for both domestic food security and export revenue. Recent data underscores the sector's importance. In February, over 400 vessels delivered 127 tonnes of yellowfin tuna to the Maldives Industrial Fisheries Company (MIFCO), generating approximately USD 194,553 in revenue. The new fuel support is expected to help ensure this vital economic activity continues despite external financial pressures.