MIFCO to buy fish above 1kg at MVR 16 from Sunday

State-owned Maldives Industrial Fisheries Company (MIFCO) will begin purchasing fish weighing more than one kilogram at a minimum price of MVR 16 from Sunday, President Mohamed Muizzu announced on Saturday.

The announcement was made ahead of Fishermen’s Day, which is being marked on Saturday night in R. Dhuvaafaru. The President said that while MIFCO currently purchases fish at the highest rate only for catches above six kilograms, the new arrangement will extend the highest rate to fish weighing one kilogram and above.

“The main change from today is that fish weighing one kilogram and above will be bought at the highest rate, instead of six kilograms and above,” the President said.

He said MIFCO will set a minimum purchase price of MVR 16, with the possibility of higher prices depending on market conditions.

“This means MIFCO may buy at MVR 17, MVR 18 or higher. The minimum price will be MVR 16,” he said.

The President also announced a reduction in fuel prices for fishermen. Under the revised rates, the average price of fuel sold to fishermen will be reduced by MVR 51 from Sunday. He said vessels landing more than three tonnes of fish would receive fuel at an average rate reduced by MVR 71 per litre.

The revised fuel prices are:

President Muizzu said the government intends to work closely with fishermen and address issues raised by the sector. He requested cooperation from fishermen as measures are implemented and said the fishing industry should be kept free from political influence.

He added that the government aims to develop fisheries as an industry operated by Maldivians.