Maldives Industrial Fisheries Company (MIFCO) has revised fish purchase prices and reduced fuel prices for fishermen, following President Dr Mohamed Muizzu’s announcement during the National Fishermen’s Day celebrations held in Raa Dhuvaafaru on Saturday.

Under the revised pricing structure, MIFCO will now pay a minimum rate of MVR 16 per kilogram for all fish weighing more than one kilogram. Previously, fishermen received MVR 16 only for fish weighing one and a half kilograms or more. The changes follow consultations between the Ministry of Fisheries and Ocean Resources and MIFCO.

With the new pricing rules coming into effect from Sunday, frozen skipjack tuna and frozen yellowfin tuna will be purchased at MVR 16 per kilogram. Unfrozen skipjack and yellowfin tuna will be purchased at MVR 14 per kilogram, with unfrozen yellowfin tuna weighing over 15 kilograms priced at MVR 18 per kilogram.

The revised pricing is aimed at ensuring fairer returns for fishermen and aligning fish purchase rates with Government policy to strengthen and support the fisheries sector.

In addition to fish pricing reforms, MIFCO has also reduced fuel prices for fishermen. From Sunday, fuel will be sold to fishermen at MVR 13.90 per litre, with a further reduced rate of MVR 13.72 per litre for fishing vessels weighing more than three tonnes of fish.

Fuel prices for the general public have also been adjusted, with MIFCO now selling fuel at MVR 14.43 per litre.

MIFCO stated that the changes form part of its efforts to improve services for fishermen by reducing operational costs, while ensuring sustainability without placing additional financial pressure on the State or the public.