Maldives Finance Minister Moosa Zameer has confirmed that the Maldives is expecting two incoming oil shipments, one from Singapore and another from Oman, as the government moves to safeguard the nation’s energy supply against the backdrop of escalating Middle East tensions.
Speaking at a press briefing convened by the special ministerial committee established by President Dr. Mohamed Muizzu to monitor the regional conflict’s potential economic impact, Minister Zameer said a vessel loaded in Singapore is scheduled to dock in the Maldives at the start of April, carrying both diesel and petrol. A second shipment departing from Sohar, Oman, is expected to arrive around the 4th or 5th of the same month, supplementing the country’s routine fuel imports from the Gulf nation.
Reserves Remain Stable
The Finance Minister moved to reassure businesses and the public that current fuel stocks are sufficient to meet the country’s daily consumption needs. His remarks were echoed by Economic Minister Mohamed Saeed, who noted the previous evening that the State Trading Organization (STO) had already brought in two additional oil shipments the preceding week in line with its pre-planned import schedule. Minister Saeed clarified that fuel procurement is government by national demand forecasts and long-term supply agreements, known as “nomination agreements,” with established international suppliers.
No Immediate Price Revision Despite Global Surge
Despite global fuel prices having doubled amid the ongoing geopolitical turmoil, Minister Zameer ruled out any near-term revision to domestic fuel prices. The government, he said, continues to absorb the price differential through subsidies, shielding key sectors, including the fishing industry, motorists, and essential service providers, from the full brunt of international market volatility.
At present, STO retails petrol at MVR 16.01 per liter and diesel at MVR 17.54 per liter, rates that have remained stable despite the pressures building in global energy markets.
Long-Term Contingency Planning Underway
Acknowledging that the Middle East conflict shows no signs of a swift resolution, the Finance Minister outlined that the government is actively planning for sustained disruption over at least the next six months. Authorities are working to maintain reserves at a manageable level and have broadened their focus beyond fuel security to encompass medical supplies, foreign remittances for students studying abroad, and the uninterrupted availability of essential food commodities.
“Our priority remains ensuring that key industries and the general public continue to have access to affordable fuel,” Minister Zameer stated, adding that containing the cost of living remains central to the administration’s economic agenda.
The dual-source import strategy signals a deliberate effort by the Maldivian government to diversify its supply chain and reduce dependency on any single route or supplier, a prudent contingency as freight and energy markets remain highly susceptible to further shocks from the region.