Maldives again says no oil supply shortages expected amid Middle East conflict

Economic Minister Mohamed Saeed said on Tuesday that there is no indication the Maldives will face oil supply shortages as a result of the ongoing conflict in the Middle East.

Speaking at a press conference at the President's Office, the minister said international oil prices rose by 25 to 30 percent on Monday following recent developments.

He noted that oil prices are often the first to be affected by instability in the Middle East and said the government is monitoring commodity price movements in light of the situation.

“As the President mentioned yesterday, we have no concerns at this time,” Saeed said.

He said this assessment includes both petroleum products and liquefied petroleum gas.

The minister added that the government is working to increase fuel storage capacity. He said fuel consumption has risen due to growth in tourist arrivals and the working population.

“When you combine the resident population with the number of tourists arriving, consumption has increased compared to previous years. We are planning accordingly,” he said.

Saeed said alternative routes for importing goods are also being considered to reduce potential disruptions.

“The government is taking steps to ensure food security and commodity security, while strengthening storage and logistics arrangements,” he said.

On Monday, President Mohamed Muizzu also said the Maldives would not face oil or food shortages due to the conflict. He stated that while preparations should account for possible risks, there is no current indication of supply disruptions.