News Desk
Finance Minister Moosa Zameer says the Maldives has put in place firm measures to secure fuel supplies and protect the public from price shocks as tensions escalate in the Gulf following the US–Israeli strike on Iran.
Speaking at a press conference after a meeting of the President’s Special Ministerial Committee on the Middle East crisis, Zameer said the government’s priority is to ensure that essential goods remain available and affordable. He described a coordinated effort across key ministries, with clear plans already in motion.
Zameer said global oil and gas prices have surged since the conflict began, with neighbouring countries also feeling the strain. He noted that the Maldives has already seen significant price pressure. The government, he said, is working to prevent further increases from reaching households.
According to the minister, the State Trading Organisation (STO) will receive additional subsidies and accept reduced profit margins to keep domestic fuel prices stable. “The President’s intention is to keep fuel prices from becoming a burden on the public,” he said.
Zameer stressed that supply itself is secure. STO’s new 24,500‑tonne vessel, acquired in January, is already en route carrying a full load of fuel and is expected to reach Malé within four to five days. A second 22,000‑tonne vessel is now loading in Oman and will begin its journey shortly.
“We are very fortunate this time. The oil we need is always in transit,” he said, adding that STO’s expanded fleet gives the Maldives greater resilience during regional disruptions.
Beyond fuel, Zameer said the government is prioritising the import of sugar, medicines and other essentials, while ensuring that Maldivian students abroad continue to receive financial support without interruption.
A technical committee comprising the Finance Ministry, the Maldives Monetary Authority, the Central Bank and MIRA has been formed to assess the impact of the conflict on state revenue. Zameer noted that a large share of tourists travel through Middle Eastern hubs, meaning the war could affect arrivals and earnings.
Even so, he said the government is prepared. Cross‑subsidies from STO’s expected annual profit — projected at around MVR 1.5 billion — will be used to cushion the public from global volatility.
Zameer acknowledged that fuel prices have risen internationally but insisted that the Maldives is better positioned than many countries. “When it comes to oil and gas, we hopefully have no problems. But the price of oil has gone up a lot,” he said.
He added that STO’s pricing is based on a rolling three‑ to four‑day average, which means domestic prices do not fluctuate as sharply as in other markets.
The minister’s remarks came as President Dr Mohamed Muizzu continues to lead a coordinated national response to the unfolding crisis. Zameer said the government’s approach is designed to keep essential supplies flowing and maintain economic stability, even as uncertainty grows across the region.
