News Desk
The Maldives, a heavily oil‑dependent country, has begun work on a long‑term plan to establish a national oil reserve as a safeguard against global price shocks. President Dr Mohamed Muizzu announced the initiative at a press briefing held today at the President’s Office.
The President said the project will be implemented in three phases over five years. He described the reserve as a strategic investment similar to a sovereign development fund, noting that it would help protect the Maldives from volatility in the international oil market.
“Our intention is to establish an oil reserve in three areas in a six‑year phase, in about four and a half years or five years, and we are doing all the necessary studies for that,” he said. Each phase is expected to cost up to 150 million dollars.
Finance Minister Moosa Zameer said yesterday that the Government is considering the establishment of an oil reserve as part of its response to potential disruptions arising from tensions involving Iran, Israel and the United States in the Middle East. He said the Maldives currently has adequate fuel stocks, with vessels carrying petrol and diesel scheduled to arrive from Singapore and Oman early next month.
Oil prices in the Maldives have risen sharply in recent weeks following global supply disruptions triggered by the conflict. More than 85 countries have seen price increases, with the Maldives among the top ten most affected. FSM, a subsidiary of STO, has raised fuel prices by between 18 and 26 percent, with some islands reporting record‑high rates for petrol and diesel.
Despite the price surge, STO has assured that there is no shortage of imported fuel. The company said a new shipment has already arrived and another is en route to the Maldives.
