Minister of Economic Development and Trade, Mohamed Saeed, has assured that the Maldives maintains a stable fuel supply despite the recent fluctuations in global oil prices triggered by tensions in the Middle East. Speaking at a press conference held at the President’s Office, the Minister noted that international oil prices surged by 25% to 30% yesterday. He stated that the government is closely monitoring the evolving situation and taking proactive measures to mitigate the impact of price volatility, ensuring that the country will not face a fuel shortage.
“As the President highlighted yesterday, there is currently no cause for concern. To put it simply, God willing, we will not encounter a shortage of fuel, including both petroleum products and LPG,” Minister Saeed affirmed. He further disclosed that the government is actively working to expand the nation’s fuel storage capacity. As the number of tourists and the resident workforce continues to grow, the administration is committed to ensuring energy and food security to cater to the increasing demand. Additionally, the Minister mentioned that alternative routes for importing essential commodities are being explored.
“When considering the combined total of our resident population and the floating population of tourists, the number of consumers has significantly increased compared to previous years. In light of this reality, we are planning for the future by developing ways to increase our storage capacity beyond historical levels,” the Minister explained. He emphasized that despite the escalating unrest in the Middle East, the government had prepared in advance. He confirmed that a fuel shipment is currently en route to the Maldives and that existing stocks remain sufficient. Furthermore, he assured that there are no issues with aviation fuel supplies. The government is monitoring the situation meticulously, with the Ministry of Economic Development and Trade working in close coordination with the State Trading Organization (STO) and the Ministry of Finance.
Minister Saeed concluded by stating that the government’s primary objective is to manage the impacts of international disruptions in a manner that minimizes the burden on the citizens.
