The Maldives Industrial Fisheries Company Limited (MIFCO) has increased fish purchase prices such that all fish above 1 kg now fetch a minimum of USD 1.04 per kilogram.
At the Fishermen’s Day ceremony held on 13 December, President Dr Mohamed Muizzu had announced that from 14 December, MIFCO will purchase fish from one kilogram onwards, instead of the current minimum of 1.5 kilograms, at the maximum market rate. He further announced that MIFCO will sell fuel to fishermen at an average of 3.3 cents lower than prevailing market prices.
With the change now in effect, MIFCO’s new fish purchase rates are:
Tuna and skipjack tuna (iced) 1kg onwards: USD 1.04 per kilogram
Tuna and skipjack tuna (without ice) 1 kg: USD 0.91 per kilogram
Skipjack tuna 15 kg and above: USD 1.17 per kilogram
The change follows extensive discussion between the Ministry of Fisheries and Ocean Resources and MIFCO, and aligns with government policy.
The price of fuel sold by MIFCO to fishermen has also been reduced to USD 0.90 per litre for all, and to USD 0.89 for those processing more than 3 tonnes of fish. The rate at which fuel is sold to the public has also been reduced to USD 0.93 per litre.
Meanwhile, MIFCO operations are being further expanded with a new fish processing facility in Fuvahmulah City to open next week. MIFCO said the new facility will be located near the city’s ice plant, and has already received approval from Maldives Food and Drug Authority.
Other ongoing work by MIFCO includes the repair and maintenance of the Felivaru Cannery. The fish purchasing facility being developed in Thinadhoo, Gaafu Dhaalu Atoll, is also expected to commence operation in late 2026. Harbour roads near Kooddoo Fisheries Complex are also to be repaired and local production factory upgraded.