In a decisive move to support local fishermen amid global economic uncertainty, the Ministry of Fisheries and Ocean Resources has announced the introduction of subsidised fuel through the State Trading Organization (STO) for yellowfin tuna fishing vessels.
The initiative, implemented in close consultation with the fishing community, aims to cushion local fishermen from the soaring fuel prices triggered by disruptions in global oil markets due to the ongoing conflict in the Middle East.
Recognising yellowfin tuna fishing as a cornerstone of the fisheries industry, the government emphasised its commitment to sustaining livelihoods and ensuring the resilience of the fisheries sector during the current global economic slowdown.
In February alone, over 400 vessels delivered 127 tonnes of yellowfin tuna to Maldives Industrial Fisheries Company (MIFCO), generating around USD 194,553 in revenue.
The fuel subsidy is expected to reduce operational costs, encourage continued fishing activity, and stabilise supply chains critical to both domestic food security and export earnings.