The Ministry of Climate Change, Environment and Energy has stated that the Maldives’ expenditure on oil imports has increased by 110 per cent due to the ongoing conflict in the Middle East.

Speaking at a press conference held at the President’s Office, the ministry’s Director General, Ahmed Ali said the Maldives previously spent around USD 50 million per month on oil imports before the escalation of the conflict. However, since March, he said that oil import costs have risen to USD 116 million, reflecting an increase of USD 61 million.

The Director General warned that fuel prices could continue to rise if the conflict persists, noting that the Maldives remains highly reliant on Oman, which supplies 98 per cent of the country’s oil imports.

Customs data showed diesel accounted for the largest share of oil imports during January and February this year, making up 76.6 per cent of total imports. Of that amount, Oman supplied approximately two-thirds, totaling 83,986 tonnes. Oman also supplied 60.8 per cent of petrol imports and 98.3 per cent of jet fuel imports to the Maldives.

Despite the increase in import costs, the Government said it currently has no plans to raise fuel prices for the public. Officials also stated that efforts are underway to reduce the Maldives’ dependence on Oman for oil supplies.