MACL cuts jet fuel prices by 24 cents per liter

Maldives Airports Company Limited (MACL) has reduced the price of jet fuel following negotiations with the government, says Transport Minister Mohamed Ameen.

Continued disruptions to global fuel supply since the US-Israeli war on Iran on February 28 has raised global fuel prices. In March, MACL raised the price of jet fuel sold from the Velana International Airport (VIA) from USD 1.19 to USD 1.69 per liter.

MACL’s managing director Ibrahim Shareef said the company was forced to raise its prices due to the global surge in fuel prices.

It marked a 42 percent increase.

Several news outlets reported that the MACL had raised jet fuel prices again in April.

At a press briefing on Wednesday afternoon by the special cabinet committee appointed in response to the Middle East war, Ameen acknowledged that the hike in jet fuel prices was of deep concern to many.

He said that the government engaged in extensive negotiations with the MACL, following which the company reduced the price of jet fuel by 24 cents per liter.

“Therefore, as the situation with the war changes and as air corridors in the Middle East open up, these are signs that Maldives will, In Sha Allah, be able to see hope for recovery from the damage in the future, within a week, two weeks, or three weeks,” he said.

The hike in jet fuel prices prompted airlines that travel to the Maldives to raise ticket prices.

The State Trading Organization (STO), which supplies jet fuel to MACL, mainly imports refined petroleum products from Oman. This makes the Maldives susceptible to supply shocks from tensions in the Middle East.

The government previously stated it was exploring ways to secure fuel supplies from countries other than Oman.