Maldives requests Indian assistance to secure oil amid global market disruptions

The Maldivian government has requested India’s assistance to secure oil supplies as global fuel markets face disruptions triggered by the ongoing conflict in the Middle East.

According to Global Petrol Prices, fuel prices have risen in more than 85 countries since the United States and Israel launched attacks on Iran on February 28. Maldives is among the 10 countries experiencing the sharpest increases.

India’s Ministry of External Affairs spokesperson Randhir Jaiswal confirmed on Thursday that Maldives had approached New Delhi for support in importing oil. He said Bangladesh and Sri Lanka had made similar requests, and all are currently under review.

“Our refining capacity, domestic needs and diesel availability will be taken into consideration before taking a decision,” Jaiswal said.

The conflict has caused significant strain on Asian economies, particularly due to the closure of the Strait of Hormuz, a critical route for regional oil and gas imports.

Economists note that rising fuel prices typically push up food prices due to higher transportation costs, and that major oil shocks have historically been followed by global economic slowdowns.

The request to India comes shortly after Economic Minister Mohamed Saeed said Maldives would not face shortages of oil, gas or staple foods despite the war. He said the country’s fuel sector is managed with anticipation of such disruptions, and that market movements are being closely monitored.