Bunkering services have generated MVR 157 million in revenue since their launch in September 2024, according to the Ministry of Economic Development and Trade.

The initiative is part of the Government’s efforts to diversify the economy and position the Maldives as a hub for international fuel supply.

State media reported that the service earned MVR 44.9 million between September and December 2024, and a further MVR 112.2 million as of July this year. The highest monthly earnings in 2025 were recorded in February, March, and April, each exceeding MVR 20 million.

Monthly revenue in 2025:

Revenue from bunkering services by region totalled MVR 128.77 million in Kaafu Atoll, MVR 24.66 million in Noonu and Vaavu Atolls, and MVR 3.65 million in Ihavandhippolhu.

The State Trading Organization (STO), which operates the service, provides bunkering in partnership with global energy company Vitol, using two vessels with a combined capacity of 4,000 tonnes of crude oil. These vessels operate offshore, delivering fuel through ship to ship transfers.

The Government projects that the bunkering initiative will contribute around USD 400 million to national GDP and grow into a MVR 6 billion industry. Discussions are also underway with local companies to expand international bunkering services, further strengthening the Maldives’ role in the regional maritime fuel market.