Minister of Finance and Planning Moosa Zameer has assured the public and businesses that fuel and gas will remain readily available in the Maldives despite rising global oil prices driven by ongoing conflict in the Middle East.
Speaking at a press conference held by a ministerial committee formed to address the economic impact of the crisis, Minister Zameer said the government had taken early steps to safeguard national fuel security.
He revealed that contingency measures were activated as soon as the conflict began, ensuring uninterrupted supply. “The government had ensured that Maldives would get fuel from another region to ensure fuel security,” he said, adding that additional shipments had been secured from Singapore during the peak of the instability.
While supply remains stable, the minister acknowledged that pricing continues to be a concern. He said the government is closely monitoring developments in international markets, including recent ceasefire discussions.
“Crude oil prices fell on news of the start of peace talks before the weekend,” he noted. However, he said this decline has yet to reflect in the cost of refined fuel imports, although some adjustment may be seen in the near future. Following the breakdown of ceasefire talks, the minister cautioned that a significant reduction in prices is unlikely in the immediate term.
To manage the economic impact, the government is working to balance rising import costs with declining revenue, while also seeking support from multilateral institutions to ease pressure on the national budget.
Minister Zameer added that the State Trading Organization is not bearing the burden alone. Private fuel importers have already brought in two additional shipments since the conflict began, helping to maintain a stable supply without placing excessive strain on any single entity.