State Trading Organisation (STO)'s subsidiary company Maldives Industrial Fisheries Company (MIFCO), on Tuesday, cut down the prices of diesel sold to fishing vessels.
The company's CEO Ismail Fauzy confirmed the price decrease in a memo sent to all the fisheries complexes operating under MIFCO.
According to the memo, the cost of one litre of diesel sold to fishing boats was reduced to MVR 7.33 from MVR 8.65. This is a decrease of MVR 1.32.
However, the public will still get to buy diesel from MIFCO for the price of MVR 13 per litre.
In a news conference held last Sunday, Fauzy announced that attempts were underway to slash the prices of oil provided to fishing vessels.
MIFCO 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 next week Thursday.