Shimad Ibrahim, the Managing Director of State Trading Organization (STO), has stated that the cost of fuel imported into the Maldives has surged threefold. Speaking at the “Iqthisaadhuge Dhefaraai” (Two Sides of the Economy) forum, he explained that this price hike is primarily driven by the Middle East conflict, which has significantly increased freight costs, insurance premiums, and vessel chartering rates. He specifically highlighted that importing fuel from Oman now incurs additional expenses due to mandatory “war risk” insurance. However, Shimad noted that the deployment of STO’s two tankers has provided some relief from these challenges. He further emphasized that while some nations have been forced to implement fuel rationing, the Maldives has avoided such a crisis due to the government’s proactive policies.
