The Maldives Industrial Fisheries Company (MIFCO) has increased the purchase price of fish from fishermen to MVR 18.50 per kilogram.

MIFCO said the adjustment was introduced to provide financial relief to fishing families as fishing activity remains low across the Maldives. The company stated that the revised rate is intended to help fishermen maintain their livelihoods and reduce the economic challenges faced by the sector during the current period.

The increase brings MIFCO's purchase price in line with rates currently offered by private fish buyers.

Maintaining a fish purchase price above MVR 16 per kilogram was one of the commitments made by the current Administration to support the country's fishing industry and protect the income of fishermen.

MIFCO purchased fish at MVR 18.50 per kilogram during the latter part of last year. However, the rate was later reduced to MVR 17 per kilogram following a rise in operational costs, particularly due to higher fuel prices linked to tensions in the Middle East.