STO Maintains Fuel Prices for Ferry Operators and Fishermen Amid Market Hikes

The State Trading Organisation (STO) said it will continue supplying fuel to private ferry operators at previous prices and provide subsidised fuel to fishermen under the “Fahi Hakatha” programme.

The announcement comes after STO raised petrol and diesel prices for private businesses nationwide yesterday, following significant changes in the global oil market. In Malé, diesel jumped to MVR 27.22 per litre and petrol to MVR 26.14, while prices in the atolls increased even further. The hike has already contributed to higher ticket prices for private speedboats, particularly ahead of the upcoming Fitr Eid holidays, when inter-island travel rises.

An STO official said the decision to maintain fuel at previous rates for ferry operators aims to ease the impact on transport services.

The price adjustments for businesses follow sharp global fluctuations caused by the ongoing conflict in the Middle East. Fuel Supplies Maldives (FSM), a subsidiary of STO, had previously raised the cost of fuel sold to private companies in response to the market changes.

Meanwhile, the Maldives Industrial Fisheries Company (MIFCO) confirmed that the price of oil supplied to fishermen will remain unchanged. Under the government’s Green Energy Programme, subsidised fuel will continue to support fishing vessels.