Rising fuel prices are similar to the seasonal price hikes seen during Ramadan: Zameer
Finance Minister Moosa Zameer has announced that the government is working with the State Trading Organization (STO) to ensure that fuel is available at STO’s standard rates across all regions of the Maldives. The Minister assured that STO will not increase its fuel prices despite fluctuations in the private market, noting that the government is closely monitoring global oil price trends. Additionally, he highlighted that relevant authorities are collaborating to implement measures aimed at addressing the rising cost of living and stabilizing commodity prices.
President Dr. Mohamed Muizzu’s Minister of Finance, Moosa Zameer. | President's Office | President's Office
Minister of Finance and Planning Moosa Zameer has stated that the prices of certain commodities tend to rise during the month of Ramadan, noting that the recent hike in fuel prices is a contributing factor to this trend.
Speaking at a press conference held at the President's Office on Sunday, the Minister addressed the issue of rising fuel prices, noting that STO is not the sole fuel supplier in the Maldives, as private companies also operate in the market. Consequently, he noted that the prices offered by some of these private providers are currently undergoing fluctuations.
The Minister stated, however, that since President Dr. Mohamed Muizzu assumed office, efforts have been underway to ensure that fuel is available at STO rates across all regions of the Maldives. He further noted that a project is currently being implemented in collaboration with STO to achieve this objective.
The Minister stated that, as a result, fuel would be available from other outlets at the same rates offered by STO's own service centers.
As you can observe, prior to the current administration, commodity prices often surged with the arrival of Ramadan. However, through the collaborative efforts of the Ministry of Economic Development and the President's Office over the past two years, this issue has been largely resolved. The challenges surrounding fuel prices are a similar matter that we are addressing.President Dr. Mohamed Muizzu’s Minister of Finance and Planning, Moosa Zameer.
The Minister stated that while fuel prices are not regulated in the same manner as essential food staples, the State Trading Organization (STO) has no plans to increase rates. Minister Zameer further noted that they are continuously monitoring concerns regarding fuel pricing and are closely analyzing fluctuations in global market trends.
The Minister's remarks follow a press conference held last month, during which he stated his belief that fuel prices in the Maldives would inevitably have to rise.
Speaking at the press conference regarding the hike in fuel prices, the Minister stated that everyone must accept that an increase in fuel costs is inevitable. Minister Zameer noted that questions had been raised previously as to why prices had not been adjusted sooner. However, he explained that the government had held off on the increase until now by taking into account the fuel shipments already available in stock.
