Government to use STO’s expected profits, alongside subsidies, to keep fuel prices unchanged

The government has decided to keep fuel prices unchanged by using STO’s expected profits, in addition to subsidies, to cushion the impact of rising global oil prices caused by the Middle East conflict.

Finance Minister Moosa Zameer said on Thursday that Maldives will not face shortages or worsening conditions despite the global surge. He said domestic fuel prices will remain stable for now, and any future adjustments will be made only after reviewing market conditions.

Zameer noted that STO’s recent investment in a 24,500‑tonne tanker has strengthened the country’s fuel security, with another 22,000‑tonne vessel also in rotation. One tanker is due to arrive in Male' within five days, while teh second has already departed, ensuring uninterrupted supply.

He said President Dr. Mohamed Muizzu’s policy is to protect households and businesses from sudden price hikes. To support this, the government will use part of STO’s anticipated profits to absorb cost pressures.

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Foreign Minister Dr. Abdulla Khaleel added that Maldives is working with several foreign partners to secure fuel supplies. He confirmed that Maldives has requested India’s assistance as global markets tighten, a request India has acknowledged and is considering.

Global Petrol Prices data shows fuel prices have risen in more than 85 countries since the US and Israel launched attacks on Iran on February 28. Maldives is among the 10 countries experiencing the steepest increases.