MIFCO hikes price of canned tuna in oil over global fuel price surge

Maldives Industrial Fisheries Company (MIFCO) has increased the price of its canned tuna in oil, a staple in Maldivian cuisine.

In a statement on Monday, MIFCO said the price hike follow an increase in production cost due to the surge in global fuel prices as a result of the ongoing war in the Middle East.

The change is effective immediately.

With the change, the price of a can of tuna in oil has increased from MVR 17.50 to MVR 18.50, and the price of a case of canned tuna in oil from MVR 760 to MVR 800.

The decision comes a day after MIFCO, which operates at a loss, reduced its workhours as a cost-cutting measure.

Global prices have been rising since Iran closed the Strait of Hormuz after the United States and Israel launched a surprise war on Tehran on February 28. Roughly one-fifth of global oil and a significant share of natural gas pass through the area.

The closure of the vital shipping routes has sent fuel prices soaring, prompting State Trading Organization (STO) to raise the price of petrol and diesel sold in the Maldives.

The Maldivian government has repeatedly assured the public that it will ensure a steady supply of fuel and food in the country, despite the challenges.