Zameer: Government has no intention of raising oil prices; latest shipment sufficient until mid‑April

Finance Minister Moosa Zameer said Sunday that the government has no intention of further increasing fuel prices, despite global volatility caused by the conflict involving Iran, Israel and the United States. He added that the oil shipment brought in by STO on Saturday will be sufficient until mid‑April.

Zameer made the remarks at a press conference held by the ministerial committee formed to assess and respond to the potential impact of the Middle East conflict on the Maldives.

He said the government is closely monitoring the situation, identifying risks and taking necessary measures. According to him, the country’s reserves remain stable, essential services are being maintained without disruption, and Maldivian students abroad continue to receive funds without difficulty.

“As you know, the oil business in Maldives is not limited to STO; many private businesses operate in this sector. We are trying to navigate this situation without causing serious harm to those businesses,” he said.

Zameer noted that the Maldives still has adequate fuel stocks, and additional vessels carrying petrol and diesel are expected to arrive from Singapore and Oman early next month. He acknowledged that global price fluctuations have sharply increased domestic fuel prices.

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Responding to a journalist’s question, Zameer confirmed that the shipment received on Saturday will last until the middle of next month, though he declined to disclose the volume of fuel imported.

He also said ministers had discussed establishing a national fuel reserve.

Fuel supplies have been disrupted globally since the conflict escalated in February. Prices have risen in more than 85 countries, with the Maldives among the ten most affected. FSM, a subsidiary of STO, recently raised local fuel prices by 18–26 percent, and petrol and diesel have reached record highs in some islands.

STO said Saturday that there is currently no shortage of imported fuel, noting that another shipment is already on the way.