Saeed: MIFCO’s fish can price hike blindsided government

Economic Minister Mohamed Saeed said on Tuesday that the price of canned tuna in oil was increased without informing the government.

MIFCO raised the retail price of a can of tuna in oil from MVR 17.50 to MVR 18.50, and the price of a case from MVR 760 to MVR 800.  

The company said the hike was driven by rising production costs, particularly the increase in global oil prices following the Middle East war.

Later, MIFCO reversed the decision, saying the reduction was made after considering public concerns and the cost of living.

The price change came amid allegations that the government would raise commodity prices after Saturday’s elections, which included a referendum on merging the local council and WDC elections. The government suffered a major defeat in the polls.

Addressing the rumours, Saeed said the administration has no intention of increasing the prices of essential goods. However, he acknowledged that MIFCO’s sudden price hike could fuel speculation.

“MIFCO changed the price of fish cans on Monday. But no one in the government knew about it, that changes the situation, doesn’t it?” Saeed said.

He reiterated that raising the prices of basic food items is not the policy of the government.

MIFCO also announced on Tuesday that it would shorten official working hours by two hours as part of cost‑cutting measures. The company has been operating at a loss for years, and President Dr Mohamed Muizzu has previously pledged to root out corruption within MIFCO.

Leadership appointments at the company have long been influenced by political changes across successive governments.