MIFCO significantly hikes diesel prices for fishermen
The Bodu Kanneli Masveringe Union (BKMU) has expressed grave concern over the recent hike in fuel prices, which has raised the cost of diesel to MVR 27.24 per liter, describing it as a significant blow to fishing families. Despite government pledges to provide fuel at affordable rates, fishermen warn that this price surge contradicts those promises and could potentially force fishing vessels to ground their operations.
Providing fuel to fishermen at affordable prices is a presidential pledge of President Dr. Mohamed Muizzu. | Social Media | Social Media
The Maldives Industrial Fisheries Company (MIFCO) has significantly increased the price of diesel sold to fishermen, effective Monday.
Following the recent adjustments to fuel prices by MIFCO, the cost of diesel for fishermen has nearly doubled compared to previous rates.
Following the recent price adjustments by MIFCO, fishermen will now be charged MVR 27.24 per liter of diesel. Meanwhile, the price for the general public has been increased to MVR 28.54 per liter. Previously, fishermen were able to purchase diesel at MVR 13.90 per liter, with a discounted rate of MVR 13.72 per liter available to those weighing in more than three tons of fish. The previous rate for the general public stood at MVR 14.43 per liter.
With this adjustment, the price of diesel for fishermen has increased to MVR 13.34 per liter, while the rate for the general public has risen to MVR 14.11 per liter. Notably, providing fuel to fishermen at affordable rates was a key pledge made by President Dr. Mohamed Muizzu during last year’s Fishermen’s Day.
The Bodu Kanneli Masveringe Union (BKMU) has expressed grave concern over the significant hike in fuel prices. The union stated that with the price of diesel climbing to nearly 28 Rufiyaa per liter, a market rate of 55 Rufiyaa per kilogram for yellowfin tuna is insufficient to sustain operations. They warned that this disparity would force fishing vessels to remain docked, leading to severe financial hardship for fishing families. The association has called upon relevant government authorities to intervene and find a viable solution to ensure that fishing activities can continue without interruption.
One of the most significant fuel price hikes by MIFCO occurred in June 2022. At that time, the adjustment was necessitated by the sharp surge in global oil prices triggered by the Russia-Ukraine war. During that period, diesel was sold to fishermen at MVR 17.63 per liter. However, MIFCO subsequently lowered its rates following a decline in international market prices.
MIFCO has not officially disclosed the reason behind its latest fuel price hike. Meanwhile, fishers are expressing concern that this change will pose significant challenges to the fishing industry.
