Bunkering services launched by the State Trading Organisation (STO) have generated nearly MVR 1 billion in revenue, Economic Minister Mohamed Saeed said on Wednesday.

Speaking at a press briefing at the President’s Office, Minister Saeed said revenue from bunkering operations had reached MVR 923.46 million by April.

He stressed that the earnings did not come from conventional fuel imports into the Maldives.

“In two years, and without a port, revenue has now reached close to MVR 1 billion,” Saeed said. “This is not oil imported for domestic use.”

According to the minister, between 85 percent and 90 percent of the fuel supplied through bunkering services consists of newly imported oil.

He said vessels from Sri Lanka and other neighboring countries had previously dominated the sector, but Maldivian operators had now entered the market directly with government support.

“The locals have started bunkering services in the country directly, with encouragement from the government, and revenue has now risen to billions of rufiyaa,” he said.

Minister Saeed added that the state had earned MVR 58.93 million from bunkering services over the past two years.

STO’s first-quarter financial results, released on 22 April, showed significant growth in bunkering operations, contributing to higher company profits.

The company sold 18 million litres of fuel; equivalent to 113,216 barrels during the first quarter, marking an increase compared with the same period last year.

Higher global oil prices linked to the conflict in the Middle East, along with increased fuel sales, were among the main drivers of STO’s revenue growth. According to the quarterly report, oil sales rose 27 percent compared to the last quarter of 2025.