The government has decided to subsidise fuel prices using profits from the State Trading Organization (STO) despite rising global oil prices.
Finance Minister Moosa Zameer said the move is aimed at keeping fuel prices stable in the Maldives. He made the remarks during a ministerial briefing on the Middle East conflict.
Zameer said global fuel prices have increased, but the government will prevent the rise from affecting the public and businesses. He added that part of STO’s projected MVR 1.5 billion profit this year will be used to subsidise fuel.
Zameer also said the Maldives has strong fuel security, noting that fuel prices are set based on international market averages during the three to four days when fuel is loaded onto vessels.
The minister further said fuel transport capacity has increased with the addition of a new vessel capable of carrying 24,000 metric tonnes, helping ensure an uninterrupted fuel supply.
