MIFCO raises fish purchase prices, introduces system to keep rates stable

MIFCO has announced major changes to the prices at which it buys fish, saying it will purchase fish for its centres and vessels at three rates. The government fish company said the change was brought under government policy to ensure fishermen receive a satisfactory price, taking into account market demand and supply, and to strengthen sustainable fisheries. The new rates are: - 1 to 5 tonnes: MVR 21 per kilo - 5 to 8 tonnes: MVR 22 per kilo - Above 8 tonnes: MVR 22.75 per kilo MIFCO said it will buy fish at these rates today from the harbours of GDh. Thinadhoo, Lh. Felivaru, HA. Ihavandhoo, L. Hithadhoo and M. Mulaku. MIFCO has previously made changes to its fish purchase prices based on international market price movements and supply and demand, dividing purchases into phases. Last June, the price per kilo was raised to MVR 20, and in August it was raised to MVR 21. In September 2026, the purchase price for skipjack tuna was raised to MVR 22 per kilo. Under the government's system for determining fish purchase prices, although prices change in line with the international market and market demand, President Dr. Mohamed Muizzu has said rules will be established so that the price of fish does not fall below MVR 20 per kilo. MIFCO said it assures it will work to keep the fish price from falling below MVR 20.