Tuesday 24 Mar 2026
Maldivian fishermen. (Photo/Masveri Ihavandhoo)
To counter the financial strain caused by rising global fuel prices, the Maldivian Fisheries Ministry has officially expanded its subsidized diesel program. Previously restricted to skipjack tuna fishing vessels, this support now extends to yellowfin tuna fishing operations through the State Trading Organization. This decision follows significant concerns voiced by the BKMU regarding the impact of Middle Eastern geopolitical tensions on operational costs. By leveraging existing supply infrastructure at Fuel Supplies Maldives terminals in Hulhumale and Himmafushi, the government aims to protect the domestic fishing industry from the inflationary pressures of the global fuel market.
The Fisheries Ministry has announced the decision to expand subsidized fuel rates offered to commercial fishing vessels through the State Trading Organization (STO) to cover yellowfin tuna fishing vessels as well.
In a statement on Monday, the ministry announced that diesel sold to yellowfin tuna fishing vessels by STO will be subsidized by the government, the same as skipjack tuna fishing boats.
Diesel will be available at subsidized rates for yellowfin tuna fishing vessels from both the Fuel Supplies Maldives (FSM) Terminal in Hulhumale’ and the FSM Shed in K. Himmafushi starting Monday, said the ministry.
The decision comes after BKMU expressed concern over the rising fuel prices amid the US-Israeli war on Iran.
In Monday’s statement, the ministry provided assurance the government is engaged in multiple efforts to mitigate the impact of the rising fuel prices due to the war in the Middle East on Maldivian fishermen.
On March 16, STO implemented a sharp hike in the price of fuel sold to businesses, but laterannounced that public transport service providers, petrol sheds in the atolls that rely on fuel purchases from the organization, as well as the state’s ‘Fahi Hakatha’ initiative for fishermen will be exempt from the price hike.
