MDP: President more focused on centralizing powers rather than economy amid oil price hike

The opposition Maldivian Democratic Party (MDP) has accused President Dr. Mohamed Muizzu of prioritizing the proposed referendum on merging the country’s two main elections over addressing the economic risks stemming from rising fuel prices.

In a statement on Tuesday, the MDP voiced serious concern over the ongoing conflict in the Middle East and its negative effects on the global oil market, tourism, and the Maldivian economy.

The party claimed that even as fuel prices continue to increase, the President remains focused on a referendum intended at "rushing to centralize powers," rather than tackling the economic consequences of the situation.

Government’s Lack of Transparency over Middle East Fuel Crisis Concerninghttps://t.co/RwAYlvNMB8

— MDP Secretariat (@MDPSecretariat) March 17, 2026

MDP is referring to the referendum scheduled for April 4th, which seeks public opinion on merging presidential and parliamentary elections. While the government argues this move would cut state spending, the opposition contends it could undermine democratic stability and centralize power. 

The party pointed out that after the conflict erupted on February 28, President Muizzu had initially reassured the public there was no need for concern. Nevertheless, within just 48 hours of that statement, fuel prices had surged by 20 percent.

Speaking during a press conference on March 2^nd, the President said there was no immediate concern about a fuel shortage.

"God willing, there are no concerns that we will face any hardships, such as fuel shortages, in the coming days. Therefore, fuel is not an issue," the President said.

Two days after those remarks, Fuel Supplies Maldives (FSM), a subsidiary of the state-owned State Trading Organization (STO), raised fuel prices by between 18 and 26 percent. As a result, petrol prices climbed from MVR 13.50 to MVR 16.01, while diesel increased from MVR 13.92 to MVR 17.54.

Since then, prices in some islands have exceeded MVR 20. Yesterday, Maldives Industrial Fisheries Company (MIFCO) also significantly raised fuel prices for fishermen, while STO increased rates for businesses. However, authorities later decided that diesel would continue to be supplied to fishermen at previous rates, and that STO would ensure ferries and island fuel sheds could access fuel at earlier prices.

The MDP further stated that the Maldives has sought assistance from India to secure fuel supplies, which it says underscores the seriousness of the situation. The party added that despite the President’s appeals for calm, such reassurances are difficult to accept.

The opposition party also pointed out that other countries in the region are taking proactive steps to lessen the impact of the fuel crisis. In contrast, MDP underscored the lack of transparency in the Maldives and the government’s failure to effectively communicate with key stakeholders.

The party emphasized that Maldivians deserve leadership that addresses pressing challenges rather than one that leverages the situation to consolidate power.

To help stabilize fuel prices, the government decided last week to use STO’s projected profits along with existing subsidies. Despite this, fuel prices in several islands have already reached record levels.

While other countries in the region are introducing measures such as reduced working hours and fuel rationing to manage the crisis, experts have raised concerns about the absence of similar strategic responses in the Maldives.

Political rivalry between the opposition MDP and ruling People's National Congress (PNC) has intensified as the Local Council Elections near.