Government to Arrange Fuel Shipments From Oman and Singapore, Says Finance Minister

Finance Minister Moosa Zameer has announced that additional fuel shipments have been secured as part of ongoing efforts to maintain stable supply in the Maldives amid rising global prices linked to the Middle East conflict.

Speaking at a press conference held by a cabinet committee formed by President Dr Mohamed Muizzu to address emerging challenges, Zameer stated that alongside regular fuel imports from Oman, a new shipment has now been loaded in Singapore and is expected to arrive early next month. He added that another shipment from Sohar in Oman is scheduled to arrive shortly after, ensuring continuity of supply.

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Zameer said that the Maldives currently maintains sufficient stocks of petrol and diesel to meet daily demand, with further measures being taken to prevent any potential shortages in the coming months.

He noted that global fuel prices have doubled, but the government has decided against increasing domestic fuel prices due to the potential impact on the public and key industries. Instead, efforts are being made to provide fuel at subsidised rates, particularly for fishermen and consumers accessing fuel through Male’ petrol stations.

At present, State Trading Organisation sells petrol at MVR 16.01 per litre and diesel at MVR 17.54 per litre.

Economic Minister Mohamed Saeed also stated that two additional fuel shipments were brought into the country last week under existing supply arrangements managed by the State Trading Organisation, which procures fuel based on national demand through pre-arranged supplier agreements.

Zameer further indicated that the government is preparing for continued volatility in global markets, noting that the current trajectory of the conflict suggests it may persist in the near term. He said planning is underway to ensure adequate reserves for at least the next six months.

He added that the situation is being closely monitored, with efforts focused on maintaining fuel reserves, facilitating essential foreign payments for medical treatment and students abroad, ensuring the availability of staple food items, and keeping commodity prices stable.