Minister of Economic Development and Trade Mohamed Saeed has assured the public that the government will maintain an uninterrupted supply of oil, gas, and staple food items, despite increasing global economic pressures and escalating conflict in the Middle East.
The assurance comes amid a widening regional conflict involving Israel, the United States, and Iran, which has led to retaliatory strikes affecting Gulf nations and a sharp rise in global crude oil prices. Minister Saeed noted that, in addition to rising costs, the international oil supply chain is facing significant logistical challenges and geopolitical constraints.
To mitigate these risks, the administration of President Mohamed Muizzu has implemented strategic measures to protect the domestic economy. These include the proactive management of national fuel reserves by the State Trading Organisation (STO). The Minister highlighted that the effectiveness of these measures was demonstrated by the arrival of two fuel shipments last week, secured through structured procurement processes and formal agreements with international suppliers.
While global price hikes have necessitated adjustments to domestic fuel rates, the government has taken steps to ease the financial burden on citizens. Officials confirmed that a portion of the increased procurement cost is being subsidized using STO’s profits.
The government further stated that any future price adjustments for essential commodities will only be made after a careful evaluation of all relevant factors, reaffirming its commitment to ensuring national food and energy security.
