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Speedboat transfer prices rise with the hike in fuel prices

Malika Shahid
29 June 2022, MVT 18:11
A speedboat owned by Relax Speed --Photo: Relax Speed
Malika Shahid
29 June 2022, MVT 18:11

The prices of speedboat ferries travelling from the atolls to Male' city have increased significantly with the rise in fuel prices.

The hike in fuel prices have lead to an increase in the price of speedboat transfers over the past month. On average, prices have increased by MVR 100 and MVR 200.

Most of the Speedboat transfers from Male' city are to Central and Northern atolls.

President of Lhaviyani Atoll Council Yaseen Abdulla said the prices of speedboat ferries in Lhaviyani atoll have also increased and transfer fares which were between MVR 450 and MVR 500 earlier has now increased to MVR 600.

"It is very likely that this change is due to the change in fuel prices," he said.

An official from "Nasru Speed", which travels to Dhaalu Atoll, Raa atoll and Baa Atoll, said the price of the speedboat ticket had to be increased by an average of MVR 200 in the last three months.

According to the data collected, the prices of ferry speedboats have increased the most in Meemu atoll. The prices of the speedboat ferry in the atoll have doubled in the past two months. Speedboat fares that were MVR 325 earlier are now at MVR 600.

Meemu Atoll Council President Mohamed Nimal said that the price of speedboat transfers to Male' city has increased due to the change in the rates of private ferries. He also said that since Fuel Supplies Maldives (FSM) does not supply fuel to the atoll, the purchase price of fuel is 3 or 4 Ruffiya (MVR) higher than Male' City.

Average change in speedboat fare due to increase in fuel prices

The other reason for the increase in the price of speedboat transfer is the increase in demand for ferry transfers due to Eid holidays.

A man who operates a speedboat ferry service said that cost of fuel contributes to 75 percent of the total cost. He said that speedboat transfers during Eid are often one way trips, and that the income from these transfers are lower than the usual trips.

The price of fuel in the international market has increased significantly due to the Russia-Ukraine war. Currently, the price of crude oil in the international market is between USD 100-115. The price of fuel sold in the Maldives has also increased significantly.

STO currently sells a liter of petrol to the public at MVR 16.55. A liter of diesel are sold at MVR 16.77. However, the price of fuel for businesses has increased from MVR 18 to MVR 20 per liter. If the price of fuel continues to rise in the future, the prices of the speedboat transfer will also affected.

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