Fuel Prices Rise by up to 26 Percent in Maldives Amid Global Oil Market Shock

State-owned Fuel Supplies Maldives (FSM) has raised fuel prices by up to 26 percent following global disruptions to oil markets linked to the continuing conflict involving United States and Israel against Iran.

In a statement released today, the parent company, State Trading Organization, announced that petrol prices have increased from MVR 13.50 to MVR 16.01 per litre, representing an 19 percent rise. Diesel prices have risen more sharply, increasing from MVR 13.92 to MVR 17.54 per litre, marking a 26 percent increase. The latest adjustment is considered the largest single fuel price hike in recent history.

The price increase follows the effective disruption of traffic through the Strait of Hormuz, a narrow shipping corridor between Iran and Oman that normally carries about one-fifth of global oil and gas supplies. Shipping activity was halted after military exchanges between the United States and Iran escalated on Saturday.

Tehran subsequently carried out retaliatory attacks targeting infrastructure in neighbouring countries, including energy facilities. The incidents led to the suspension of liquefied natural gas production in Qatar and operations at the largest oil refinery in Saudi Arabia.