Govt unaware of MIFCO's canned tuna price hike, says minister
He added that President Mohamed Muizzu does not support price increases or shortages of essential goods.
Minister of Economic Development and Trade Mohamed Saeed has stated that the government was not informed of the recent price increase for canned fish implemented by the Maldives Industrial Fisheries Company (MIFCO).
The minister made the remarks on Wednesday at a press conference held at the President’s Office. The price adjustment, introduced earlier this week, was later reversed on the same day.
Saeed said that although MIFCO operates with independent management as a state-owned enterprise, the current situation requires prior communication on such decisions.
“We were not informed when MIFCO brought changes to the prices of canned fish. While MIFCO is a state-owned enterprise with its own management, in the current global climate, the President requires such information before any government-linked company takes such action,” he said.
He added that President Mohamed Muizzu does not support price increases or shortages of essential goods.
“The world is currently in a state of conflict. It is not the President’s objective to see any commodity depleted, difficult to obtain, or subject to price increases in the Maldives,” Saeed said.
The minister said he monitors market prices and began addressing the issue after learning of the price change through media reports.
“The decision to lower the price was not merely a reaction to public criticism. If the price of any government service or product rises due to global factors, it must be analysed within established protocols,” he said.
Saeed said he acted on the matter shortly after becoming aware of the change.
He added that while the price increase may have been based on commercial considerations, the government retains the authority to intervene in decisions taken by state-owned enterprises.
“We will address such matters through the frameworks of governance and corporate oversight,” he said.
MIFCO had earlier stated that the price increase was linked to higher logistical costs, including those related to fuel prices. Under the revision, the price of a can of tuna in oil was increased from MVR 17.50 to MVR 18.50, while the price of a case was increased from MVR 769 to MVR 800.
