MIFCO raises skipjack tuna purchase price to MVR 18.50 per kilogram

The Maldives Industrial Fisheries Company (MIFCO) has increased the purchase price of skipjack tuna from MVR 17 to MVR 18.50 per kilogram.

The revised rate came into effect on Sunday and applies across all eight of the company's fish purchasing harbours.

MIFCO announced the change as the country experiences lower fish catch levels.

According to state media, MIFCO Managing Director Mohamed Anas said fish purchasing prices are determined by supply and demand conditions. He noted that lower catch volumes could result in further adjustments to purchasing prices.

The increase applies only to skipjack tuna. MIFCO has not changed its purchase rates for yellowfin tuna.

Under the current pricing structure, yellowfin tuna weighing between 10 and 15 kilograms is purchased at MVR 20 per kilogram, while yellowfin tuna weighing more than 15 kilograms is purchased at MVR 25 per kilogram.

The fisheries sector remains one of the Maldives' key industries, with MIFCO serving as the main state-owned buyer and processor of tuna.

President Dr Mohamed Muizzu has previously stated that the government is working towards establishing a baseline fish purchasing price of MVR 20 per kilogram.

The latest increase brings the skipjack tuna purchase price closer to that target.