MIFCO lowers diesal rates for fishing vessels again

Fishermen reel in their catch | Photo: Gemanafushi Masverin

Malé, Maldives — Maldives Industrial Fisheries Company (MIFCO) announced on Thursday that they will be lowering the price of diesels sold to the fishing vessels again.

With this new announcement, one litre of diesal will be sold to fishing boats for only MVR 6.89 rather than MVR 7.33. This is a decrease of MVR 44 laari (MVR 0.44) compared to the previous diesal cost.

Furthermore, the fishing vessels that are registered under the government’s ‘Fahi Hakatha’ programme will be recieving a bonus 22 percent discount. Therefore, the diesal rate for these vessels will be MVR 6.67 per litre.

On September 22, MIFCO had initially reduced the diesel prices for fishing boats to MVR 7.33. The CEO of the Company had then confirmed in a statement send to all the fisheries complexes operating under MIFCO, that efforts were ongoing to lower fuel prices for the fishermen.

Various changes were also recently brough by MIFCO to ensure that fishermen receive a fair price for their catch.

MIFCO had maintained a
“fixed” rate for the fish for seven consecutive years until the company finally adopted prices that fluctuated based on the global market of the given time. MIFCO revealed that the amendment will come into effect on September 24.