2.9 million barrels of fuel required annually for island power generation; MVR 10 billion spent on fuel imports last year: Minister Thoriq
Environment Minister Thoriq Ibrahim has revealed that the state spent 10 billion Rufiyaa on fuel imports for electricity generation last year, an amount equivalent to 10 percent of the nation's GDP. To reduce this heavy reliance on fossil fuels, the government is accelerating renewable energy initiatives, with a specific target to complete the installation of floating solar panels within the next two years.
President Dr. Mohamed Muizzu’s Minister of Environment, Thoriq Ibrahim. | President's Office | Presidents office
Minister of Environment Thoriq Ibrahim has stated that 10 billion Rufiyaa was spent in 2024 to provide electricity to inhabited islands across the Maldives.
Speaking at a press conference on Tuesday, Minister Thoriq stated that 7,965 barrels of fuel are required daily to provide electricity to inhabited islands. He noted that resorts consume a similar amount, bringing the total annual consumption to approximately 2.9 million barrels of fuel.
The Minister stated that in 2025 alone, the government spent 10 billion Rufiyaa from the state budget to import the fuel required for electricity generation.
In the past year alone, approximately 10 billion MVR was spent on fuel imports. This entire sum represents a significant outflow of foreign currency from the Maldives. Consequently, we were required to allocate 10 percent of our GDP solely to cover the cost of importing fuel.President Dr. Mohamed Muizzu's Minister of Environment, Thoriq Ibrahim.
The Minister stated that the government is undertaking extensive efforts to end the country's heavy reliance on imported fuel. In this regard, the Minister emphasized the importance of utilizing the Maldives' available renewable energy resources. He further noted that work is already underway to invest in and implement projects aimed at reducing the nation's dependency on fossil fuels.
Minister Thoriq stated that the ongoing installation of floating solar panels is a major undertaking. He noted that the project is being implemented in phases and, barring any unforeseen issues, is expected to be fully completed within two years.
The Minister reiterated that while the Maldives does not yet have the capacity to generate its entire electricity supply from renewable sources, the government is working to minimize the nation's heavy reliance on fuel. He emphasized that efforts are underway to increase the share of renewable energy through initiatives such as floating solar panel projects.
