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Wednesday 08 Apr 2026
LOCAL EDITION
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LOCAL EDITION
Economic Minister Mohamed Saeed at the 19th Global Citizenship Conference in London: The Minister unveiled Maldives' first investor residency program, The Maldives Pearl Residence, during the conference. (Photo/Economic Ministry)
Economic Minister Mohamed Saeed said on Tuesday that the government will not allow gas prices to rise in Maldives and that it is not the administration’s policy to increase the prices of basic food items.
Maldive Gas, a subsidiary of STO, has twice sold gas under controlled supply this year, with complaints of shortages and delays increasing in recent months. Villa Gas has also announced that its prices will rise starting Thursday.
The price changes come amid global market volatility following the US‑Israeli war against Iran launched on February 28, which has disrupted oil and gas transport routes in the Middle East and pushed up international prices.
Speaking at a press conference at the President’s Office, Saeed said he learned of Villa Gas’ price hike from media reports. He said he immediately contacted Villa’s managing director, Ibrahim Siyad Qasim, to understand the situation.
A new shipment of gas for both Villa and STO is expected to arrive on Tuesday evening.
Saeed said he also held extensive discussions with STO Managing Director Shimad Ibrahim on ways to stabilise gas prices. Citing experts, he noted that international gas prices are fixed monthly, with Saudi oil giant Aramco currently selling at around USD 775 per tonne. STO’s pricing for this month was set based on those rates.
He added that the Argentine market plays a key role in supplying gas to Maldives, and that prices were higher globally at the time STO finalised its rates.
“The gas issue is being discussed with Villa and STO. Inshallah, if there is any chance of prices going up, we will not allow that to happen,” Saeed said.
The minister also dismissed claims that commodity prices would rise after the elections, calling the allegation false. He said President Dr Mohamed Muizzu prioritises ensuring the availability of essential food items under all circumstances.
According to Saeed, the government is monitoring the prices and market conditions of 164 essential items on a daily basis.
