The Government has decided to set a minimum purchase price of MVR 16 for fish bought from fishermen and reduce fuel prices, as part of measures to address key pricing concerns in the fishing industry, President Dr Mohamed Muizzu has announced.

The President made the announcement while addressing the official ceremony marking the 45th National Fishermen’s Day. He said one of the biggest concerns raised by fishermen has been the lack of fair prices for weighed fish, along with the high cost of fuel, and that the Government is now taking decisive steps to resolve these issues.

President Dr Muizzu stated that fishing remains the most important industry in the Maldives and that restoring it as the bloodline of the national economy is a key priority of the Government’s policy agenda.

He explained that under the previous system, the maximum purchase price paid by Maldives Industrial Fisheries Company (MIFCO) was capped at MVR 16, with fish purchased from half a kilogram and above. Under the revised pricing rules, the minimum purchase price for fish weighing one kilogram and above has now been fixed at MVR 16, while allowing room for higher prices to be paid.

In addition to fish pricing reforms, President Dr Muizzu announced a reduction in the price of fuel sold to fishermen through MIFCO. Fuel prices will be reduced by an average of 51 laari, with reductions of up to an average of 71 laari for fishing vessels weighing more than three tonnes. He said the changes would result in savings of thousands of rufiyaa for some boats.

The President also stated that the Government is working to establish State Trading Organisation fuel skids in every atoll to ensure fishermen have access to affordable fuel. A fuel skid was inaugurated in Raa Dhuvaafaru on Saturday, marking the first such facility under this initiative.

During the ceremony, President Dr Muizzu also presented awards recognising individuals, companies, fishing vessels and organisations that rendered distinguished service to the fisheries industry, as well as those who made outstanding contributions to the sector in 2023 and 2024.