Minister of Finance and Planning Moosa Zameer stated on Sunday that the government has no intention of further increasing fuel prices, despite ongoing global volatility driven by the conflict involving Iran, Israel, and the United States. He added that the fuel shipment received by the State Trading Organization (STO) on Saturday is expected to last until mid-April.
Minister Zameer made these remarks during a press conference held by a ministerial committee formed to assess and respond to the potential impacts of the Middle East conflict on the Maldives. He noted that the government is closely monitoring developments, identifying risks, and implementing necessary measures to ensure national reserves remain stable and essential services continue without disruption.
“As you know, the oil business in the Maldives is not limited to STO; many private businesses operate in this sector. We are trying to navigate this situation without causing serious harm to those businesses,” he said.
The Minister explained that the Maldives currently maintains adequate fuel stocks, with additional shipments of petrol and diesel expected to arrive from Singapore and Oman early next month. While he acknowledged that global price fluctuations have significantly driven up domestic costs, he confirmed that the shipment received this weekend would be sufficient for the next several weeks.
In a move to strengthen energy security, Minister Zameer also revealed that the cabinet has discussed the possibility of establishing a permanent national fuel reserve.
Global fuel supply chains have faced significant disruptions since the escalation of the conflict in February, leading to price increases in more than 85 countries. Although Fuel Supplies Maldives (FSM) recently raised local prices by 18 to 26 percent, STO reaffirmed on Saturday that there is currently no shortage of fuel and confirmed that another shipment is already en route.
