Fuel Prices Rise as President Moves to Shield Maldives from Middle East Shock

Fuel prices have climbed again as the conflict in the Middle East pushes global oil markets higher, tightening supply routes and raising shipping risks. The latest adjustment follows refinery strikes in the region and Iran’s closure of the Strait of Hormuz, a key channel for global crude. Petrol now sells at MVR 16.01 per litre (about USD 1.04) after a rise of MVR 2.51, while diesel has increased to MVR 17.54 per litre (about USD 1.14), reflecting a MVR 3.62 jump.

President Dr Mohamed Muizzu has sought to calm public concern, saying the Maldives faces no immediate risk of an oil shortage, despite the turbulence across global supply routes. He said an Omani vessel carrying a fresh shipment left port last Saturday, with work underway to secure an additional shipment. Storage facilities, he noted, are filled to capacity, giving the country at least a month’s supply.

The President said the government is monitoring the situation closely as attacks continue in the region. Oman remains the Maldives’ main supplier, and officials are tracking risks to shipping and insurance costs. He stressed that “there is no concern regarding oil at present”, adding that supplies remain stable and uninterrupted.

The government has activated several measures to manage the fallout:

• A ministerial committee is assessing the impact of the unrest, including risks to Maldivians living in affected countries.
• Food imports remain stable, with the Ministry of Economic Development and Trade studying alternative markets and new freight routes to avoid disruptions.
• Tourism and aviation adjustments are underway, with transit flights from the Middle East now rerouted through alternative hubs. Airlines and travel agents have already begun operating revised schedules.
• Diplomatic engagement has intensified. The President is in contact with leaders of Saudi Arabia, Qatar, Bahrain, Oman and the UAE, conveying that the Maldives stands with Arab Islamic countries during this period of instability.

The rise in global crude prices has pushed Brent above USD 84 per barrel, its highest level since mid‑2024. For an import dependent economy like the Maldives, higher fuel costs feed directly into electricity generation, transport, logistics and fisheries. Analysts warn that prolonged instability in the Middle East could keep prices elevated, placing further pressure on households and businesses.