Fuel subsidy extended to yellowfin tuna fishing vessels

The Ministry of Fisheries, Marine Resources and Agriculture has announced that yellowfin tuna fishing vessels will be eligible to purchase fuel at subsidised rates from the State Trading Organisation (STO) starting today.

According to the Ministry, the subsidy has been extended to yellowfin tuna fishermen, aligning with the rates previously provided to skipjack tuna vessels.

The Ministry stated that yellowfin vessels refuelling at the FSM terminal in Hulhumalé and the FSM fuel shed in K. Himmafushi will have access to the subsidised rates with immediate effect.

The decision follows concerns raised by the Yellowfin Tuna Fishermen’s Union regarding rising global fuel prices linked to the situation in the Middle East. The union stated that higher fuel costs have increased operating expenses for fishermen.

Earlier, the Maldives Industrial Fisheries Company (MIFCO) reversed a planned increase in fuel prices. The company stated that the decision was made to reduce the impact of fuel costs on the fishing sector.

Under MIFCO’s pricing structure, vessels selling fish to the company are charged MVR 16.54 per litre of diesel. Vessels supplying more than three tonnes of fish are charged MVR 16.04 per litre. The general retail price is MVR 17.54 per litre.

According to STO, current retail prices are MVR 16.01 per litre for petrol and MVR 17.54 per litre for diesel.