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MIFCO again lowers diesel rates for fishing vessels

Fathmath Shaahunaz
01 October 2020, MVT 16:32
Fishermen reel in their catch. PHOTO/GEMANAFUSHI MASVERIN
Fathmath Shaahunaz
01 October 2020, MVT 16:32

State Trading Organisation (STO)'s subsidiary, Maldives Industrial Fisheries Company (MIFCO), on Thursday again lowered the price of diesel sold to fishing vessels.

With the new development, the cost of one litre of diesel sold to fishing boats has been reduced from MVR 7.33 to MVR 6.89, marking a decrease of 44 laari (MVR 0.44).

Moreover, fishing vessels registered in the government's 'Fahi Hakatha' programme will receive an additional 22 percent discount, at a diesel rate of MVR 6.67 per litre.

Previously, MIFCO reduced diesel prices for fishing boats on September 22.

At the time, the company's CEO Ismail Fauzy confirmed, in a memo to all the fisheries complexes operating under MIFCO, that efforts were underway to lower fuel prices for fishermen.

MIFCO also recently brought various changes in order to ensure that fishermen receive a fair price for their catch.

Seven years after maintaining a "fixed" rate for fish, the company has finally adopted prices that will fluctuate based on the global market at the given time. This amendment will come into effect on September 24.