The State Trading Organization (STO) has moved to reassure the public that the Maldives’ fuel supply remains secure, even as escalating tensions in the Middle East send global oil prices sharply higher.
Speaking on the matter, STO Managing Director Shimad Ibrahim confirmed that domestic fuel storage levels are stable and that importers are being managed strategically to prevent any disruption to supply. He noted that current reserves are sufficient to last two weeks, with an additional shipment due to arrive within the coming week.
Further deliveries are expected on the 20th and 23rd of this month.
However, Mr. Shimad was candid about the financial pressures building in the background. The cost of refined fuel products imported to the Maldives has more than doubled since the onset of the conflict involving Iran, Israel, and the United States.
“The primary concern is the price,” he said, adding that the country imports high-grade refined diesel and petrol, the costs of which have surged over 100 percent since hostilities began.
STO currently retails petrol at MVR 16.01 per litre and diesel at MVR 17.54 per litre. Should global conditions remain volatile, retail price increases are widely anticipated.
The price surge extends beyond road fuels, with fuel oil and jet fuel also recording increases of more than 100 percent. Mr. Shimad further noted that while many international suppliers are contending with insurance cancellations on shipments, STO has ensured that all its imports remain fully covered.
Alongside STO, fuel storage and import operations in the Maldives are also conducted by The Hawks, Villa, and Coastline, with STO, The Hawks, and Villa currently the primary active importers in the country.
STO said it is closely monitoring the global developments and working in coordination with other fuel importers to cushion the impact of what it described as external factors beyond the country’s direct control.