The State Trading Organization (STO) has assured that the Maldives currently has sufficient fuel supplies and that efforts are underway to ensure continued availability as global oil prices rise sharply amid tensions in the Middle East.
According to STO, the country’s fuel stocks remain stable and authorities are coordinating with other importers to manage supply and ensure demand is met without disruption.
The update comes at a time when global oil markets have experienced significant volatility following escalating conflict in the Middle East. The situation has driven international fuel prices sharply upward.
Fuel Stocks Sufficient for Two Weeks
STO Managing Director Shimad Ibrahim said the Maldives currently has adequate fuel reserves and that import operations are being carefully managed to maintain stability.
He noted that existing fuel stocks are expected to meet national demand for roughly the next two weeks, while additional shipments are already scheduled to arrive soon.
According to STO, new consignments of fuel are expected to reach the Maldives on the 20th and 23rd of this month, which will further reinforce national reserves.
Price Pressures from Global Markets
While supply remains secure, Shimad warned that global market conditions are pushing fuel prices upward. The Maldives imports highly refined fuels such as petrol and diesel, and international prices for these “clean fuels” have surged dramatically since the start of the Middle East conflict.
“The main challenge is the price,” Shimad explained. “The Maldives imports refined fuels like diesel and petrol, and since the conflict began, the international price of these products has more than doubled.”
At present, STO sells petrol at MVR 16.01 per litre and diesel at MVR 17.54 per litre. If global price increases continue, local prices are also likely to rise.
Other Fuel Types Also Affected
In addition to petrol and diesel, the global cost of fuel oil and jet fuel has also risen by more than 100 percent in recent weeks.
Shimad noted that the situation has been further complicated by disruptions in maritime insurance, with coverage for fuel shipments reportedly being cancelled in several regions affected by the conflict. Despite this, the Maldives has so far managed to continue importing fuel with insurance coverage in place.
Multiple Importers Supporting Supply
Fuel supply to the Maldives is supported by several companies that maintain storage facilities in the country. Alongside STO, storage and fuel handling infrastructure is operated by The Hawks, Villa, and Coastline.
Currently, fuel imports into the Maldives are being handled by STO, The Hawks, and Villa, helping ensure that national demand is met.
STO emphasized that the ongoing global situation remains beyond the Maldives’ direct control, but the company said it is closely monitoring international developments and coordinating with partners to maintain a steady fuel supply for the country.
