Minister of Foreign Affairs Dr Abdulla Khaleel has stated that the Maldives is looking for alternative sources of oil due to the ongoing conflict in the Middle East.
The minister made the statement while speaking at a press conference held by the Special Cabinet Committee, set up by President Dr Mohamed Muizzu in response to the ongoing Middle East and Gulf tensions.
Speaking at a press briefing at the President's Office, Minister Khaleel stated that the Maldives, as an import-dependent Small Island Developing State (SIDS), faces potential economic and security risks from regional instability, and that the government is implementing both short and long-term measures to safeguard national stability and strengthen economic resilience.
According to the minister, the government is studying the economic impact of the conflict, including effects on fuel and food security. The Maldives is working with neighboring and other countries to explore new oil sources, aiming for a diversified approach rather than dependency on one supplier, he added.
The Minister noted that fuel prices have increased by 25 to 30 percent in the global market . He said the government will continue to monitor price changes and take necessary measures.
While steps are being taken to strengthen food security and ensure fuel supply for domestic needs, efforts include increasing fuel storage capacity to meet the demands of increasing tourists and the expatriate population, according to Minister Khaleel.