MIFCO fuel sale to fishermen receive concessions

President Dr. Mohamed Muizzu announced last night that the price of fuel being sold by MIFCO to fishermen will be brought down from today onwards.

During the official meeting held to mark Fishermen's Day at R. Dhuvaafaru, President Muizzu stated that there will be an average reduction of MVR 0.51 for the fuel being sold by MIFCO to fishermen. He also stated that there will be an average reduction of MVR 0.71 for vessels that purchase more than three tonnes of fuel from MIFCO.

The President said that these concessions will be available to all fishermen at all of MIFCO stations.

As per President Muizzu, MIFCO will sell fuel to fishing vessels at a rate of MVR 13.90 from today onwards. That rate will be at MVR 14.43 for the general public, said President Muizzu.

The President said that with this change, fishermen will be able to save around MVR 1,000.

"This is a huge concession for MIFCO's sale of fuel directly to fishermen under the agreement between FSM and MIFCO, along with the establishment of fuel stations at all atolls in Maldives at STO's base rate. And with that, I believe that fishermen will see their revenue increase along with great benefits," said the President.

President Muizzu also stated that fishermen in Raa Atoll Dhuvaafaru will now be able to purchase fuel at STO rates, fulfilling a pledge to provide subsidized fuel on at least one island in every atoll.

President Muizzu said that the pledge will see completion by March 2026.

The President also announced last night that MIFCO's decision to set the standard for premium-priced skipjack tuna at a size of 1.5 kg and above has been changed, with it now being that if it is more than one kilo, the fish are to be purchased at the highest rate.

The current highest price paid by MIFCO for raw skipjack tuna and small yellow fin tuna is MVR 16 per kilo. The limit for small fish is at 1.5 kg or lower.

As per President Muizzu's announcement last night, MIFCO will have a starting price of MVR 16 for raw skipjack tuna and small yellowfin tuna from today onwards.

"This means that MIFCO will announce on the day if they can purchase fish for MVR 17, MVR 18 or even higher. The lowest purchasing price will be MVR 16," said President Muizzu while giving details regarding the matter.