Rising fuel prices bring yellowfin tuna fishing to a standstill

Yellowfin tuna fishing in the Maldives has come to a standstill as rising fuel prices, driven by the ongoing conflict in the Middle East, have made the industry financially unsustainable, according to local fishermen.

Yellowfin tuna fishermen who spoke to RaajjeMV stated that with the current low prices offered for their catch, it is no longer financially viable to go out to sea given the prevailing fuel costs in the market.

Fishermen have reported that more than 100 vessels active in the Maldives' yellowfin tuna industry have now ceased operations. The fishermen highlighted that the grounding of these vessels will cause significant hardship for their families.

The Bodu Kanneli Masveringe Union (BKMU) has expressed deep 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 could force fishing vessels to remain docked, leading to severe financial hardship for fishing families. The association further called upon the relevant government authorities to intervene and find a sustainable solution to ensure that fishing activities can continue without interruption.

Following STO's decision to hike fuel prices, the government assured yellowfin tuna fishermen that fuel would be provided to them at subsidized rates. However, fishermen report that they are still being forced to purchase fuel at the higher market prices.

Notably, maintaining the price of yellowfin tuna between MVR 80 and MVR 100, along with providing fuel to yellowfin tuna fishermen at base rates, were key presidential campaign pledges of President Muizzu.