The Ministry of Environment has revealed that the surge in global oil prices, triggered by the ongoing conflict in the Middle East, has led to a substantial increase in the Maldives’ expenditure on fuel imports. Previously, the monthly expenditure on fuel stood at USD 50 million; however, this figure has now escalated to USD 116 million.
To sustain electricity generation, the Maldives requires approximately 8,000 barrels of diesel daily, resulting in an annual expenditure of MVR 10 billion—equivalent to 10 percent of the nation’s GDP. Given that this significant financial burden hinders other developmental projects, the government has set a strategic goal to increase the share of renewable energy to 33 percent by 2028, thereby reducing the country’s heavy reliance on imported fuel.
