{"id":7049,"date":"2023-10-12T14:20:42","date_gmt":"2023-10-12T09:20:42","guid":{"rendered":"https:\/\/mbt.mv\/?p=7049"},"modified":"2023-10-12T14:20:42","modified_gmt":"2023-10-12T09:20:42","slug":"three-fold-bump-in-fuel-electricity-subsidies-in-2023","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=7049","title":{"rendered":"Three-fold bump in fuel, electricity subsidies in 2023"},"content":{"rendered":"<p>The Ministry of Finance said the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to absence of pre-planned measures to reduce fuel subsidies.<\/p>\n<p>According to the &#8220;Statement of Fiscal Constraints&#8221; released by the ministry, the entire budget approved for energy subsidies this year topped out at MVR 594 million.<\/p>\n<p>The subsidy cost is expected to reach MVR 1.5 billion by the end of 2023, the report said.<\/p>\n<p>In 2022, MVR 530 million was allocated for fuel and electricity subsidies and the actual expenditure had reached MVR 3 billion.<\/p>\n<p>Maldives government revised its subsidy policy to ensure sustainability of fuel subsidy expenditure. Instead of indirect subsidy provision for all, the revision ensures subsidy is targeted to the needy individuals.<\/p>\n<p>While the 2023 State Budget said fuel subsidies will be provided according to the new regulation, the implementation of this has been postponed. The delay was due to concerns that the change will lead to an increase in electricity prices and place additional financial burden on households and businesses, said the ministry.<\/p>\n<p>Maldives government has spent MVR 7.1 billion on subsidies so far in 2023, which is MVR 500 million excess of the budgeted amount.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Finance said the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to absence of pre-planned measures to reduce fuel subsidies. According to the &#8220;Statement of Fiscal Constraints&#8221; released by the ministry, the entire budget approved for energy subsidies this year topped out<\/p>\n","protected":false},"author":4,"featured_media":7050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[564,736,738,809,2007],"class_list":{"0":"post-7049","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-electricity","9":"tag-fuel","10":"tag-fuel-price","11":"tag-government-subsidies","12":"tag-subsidy"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=7049\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Finance said the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to absence of pre-planned measures to reduce fuel subsidies. According to the &#8220;Statement of Fiscal Constraints&#8221; released by the ministry, the entire budget approved for energy subsidies this year topped out\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=7049\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T09:20:42+00:00\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=7049#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"Three-fold bump in fuel, electricity subsidies in 2023\",\"datePublished\":\"2023-10-12T09:20:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049\"},\"wordCount\":200,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"Electricity\",\"fuel\",\"fuel price\",\"Government Subsidies\",\"Subsidy\"],\"articleSection\":[\"BUSINESS\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=7049#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=7049\",\"url\":\"https:\/\/mbt.mv\/?p=7049\",\"name\":\"Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049#primaryimage\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2023-10-12T09:20:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/mbt.mv\/?p=7049#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mbt.mv\/?p=7049\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mbt.mv\/?p=7049#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mbt.mv\/?p=7049#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mbt.mv\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Three-fold bump in fuel, electricity subsidies in 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mbt.mv\/#website\",\"url\":\"https:\/\/mbt.mv\/\",\"name\":\"Maldives Business Times\",\"description\":\"Maldives Business Times delivers timely and in-depth English news on business, economy, and breaking events in the Maldives.\",\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/mbt.mv\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/mbt.mv\/#organization\",\"name\":\"Maldives Business Times\",\"url\":\"https:\/\/mbt.mv\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2025\/02\/background_removed_image_x5KLRjOsQMGL6jgPS4Hiew.png\",\"contentUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2025\/02\/background_removed_image_x5KLRjOsQMGL6jgPS4Hiew.png\",\"width\":1312,\"height\":736,\"caption\":\"Maldives Business Times\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/mvbiztimes\",\"https:\/\/x.com\/mvbiztimes\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\",\"name\":\"Mohamed Reehaan\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ac0f3a9111db774c387735910f0eeee4432a0db79cc936fe00f3f0fb05f1af6c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ac0f3a9111db774c387735910f0eeee4432a0db79cc936fe00f3f0fb05f1af6c?s=96&d=mm&r=g\",\"caption\":\"Mohamed Reehaan\"},\"url\":\"https:\/\/mbt.mv\/?author=4\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mbt.mv\/?p=7049","og_locale":"en_US","og_type":"article","og_title":"Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times","og_description":"The Ministry of Finance said the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to absence of pre-planned measures to reduce fuel subsidies. According to the &#8220;Statement of Fiscal Constraints&#8221; released by the ministry, the entire budget approved for energy subsidies this year topped out","og_url":"https:\/\/mbt.mv\/?p=7049","og_site_name":"Maldives Business Times","article_publisher":"https:\/\/www.facebook.com\/mvbiztimes","article_published_time":"2023-10-12T09:20:42+00:00","author":"Mohamed Reehaan","twitter_card":"summary_large_image","twitter_creator":"@mvbiztimes","twitter_site":"@mvbiztimes","twitter_misc":{"Written by":"Mohamed Reehaan","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/mbt.mv\/?p=7049#article","isPartOf":{"@id":"https:\/\/mbt.mv\/?p=7049"},"author":{"name":"Mohamed Reehaan","@id":"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2"},"headline":"Three-fold bump in fuel, electricity subsidies in 2023","datePublished":"2023-10-12T09:20:42+00:00","mainEntityOfPage":{"@id":"https:\/\/mbt.mv\/?p=7049"},"wordCount":200,"commentCount":0,"publisher":{"@id":"https:\/\/mbt.mv\/#organization"},"image":{"@id":"https:\/\/mbt.mv\/?p=7049#primaryimage"},"thumbnailUrl":"","keywords":["Electricity","fuel","fuel price","Government Subsidies","Subsidy"],"articleSection":["BUSINESS"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/mbt.mv\/?p=7049#respond"]}]},{"@type":"WebPage","@id":"https:\/\/mbt.mv\/?p=7049","url":"https:\/\/mbt.mv\/?p=7049","name":"Three-fold bump in fuel, electricity subsidies in 2023 - Maldives Business Times","isPartOf":{"@id":"https:\/\/mbt.mv\/#website"},"primaryImageOfPage":{"@id":"https:\/\/mbt.mv\/?p=7049#primaryimage"},"image":{"@id":"https:\/\/mbt.mv\/?p=7049#primaryimage"},"thumbnailUrl":"","datePublished":"2023-10-12T09:20:42+00:00","breadcrumb":{"@id":"https:\/\/mbt.mv\/?p=7049#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mbt.mv\/?p=7049"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mbt.mv\/?p=7049#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/mbt.mv\/?p=7049#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mbt.mv\/"},{"@type":"ListItem","position":2,"name":"Three-fold bump in fuel, electricity subsidies in 2023"}]},{"@type":"WebSite","@id":"https:\/\/mbt.mv\/#website","url":"https:\/\/mbt.mv\/","name":"Maldives Business Times","description":"Maldives Business Times delivers timely and in-depth English news on business, economy, and breaking events in the Maldives.","publisher":{"@id":"https:\/\/mbt.mv\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mbt.mv\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/mbt.mv\/#organization","name":"Maldives Business Times","url":"https:\/\/mbt.mv\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mbt.mv\/#\/schema\/logo\/image\/","url":"https:\/\/mbt.mv\/wp-content\/uploads\/2025\/02\/background_removed_image_x5KLRjOsQMGL6jgPS4Hiew.png","contentUrl":"https:\/\/mbt.mv\/wp-content\/uploads\/2025\/02\/background_removed_image_x5KLRjOsQMGL6jgPS4Hiew.png","width":1312,"height":736,"caption":"Maldives Business Times"},"image":{"@id":"https:\/\/mbt.mv\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/mvbiztimes","https:\/\/x.com\/mvbiztimes"]},{"@type":"Person","@id":"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2","name":"Mohamed Reehaan","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mbt.mv\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ac0f3a9111db774c387735910f0eeee4432a0db79cc936fe00f3f0fb05f1af6c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ac0f3a9111db774c387735910f0eeee4432a0db79cc936fe00f3f0fb05f1af6c?s=96&d=mm&r=g","caption":"Mohamed Reehaan"},"url":"https:\/\/mbt.mv\/?author=4"}]}},"_links":{"self":[{"href":"https:\/\/mbt.mv\/index.php?rest_route=\/wp\/v2\/posts\/7049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mbt.mv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mbt.mv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mbt.mv\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/mbt.mv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7049"}],"version-history":[{"count":0,"href":"https:\/\/mbt.mv\/index.php?rest_route=\/wp\/v2\/posts\/7049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mbt.mv\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/mbt.mv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mbt.mv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mbt.mv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}