MIFCO introduces fuel credit system for fishing vessels under agreement with FSM

MIFCO has introduced a system that allows fishing vessels to obtain fuel on credit.

The arrangement was made under an agreement signed between the Maldives Industrial Fisheries Company (MIFCO) and Fuel Supply Maldives (FSM). The agreement was signed at MIFCO’s head office by MIFCO CEO and Managing Director Mohamed Anas and FSM Managing Director Fathimath Aashaan.

Under the agreement, MIFCO will provide fuel to fishing vessels on credit, with the fuel bill deducted from the value of fish purchased from the vessel. The company will settle payments to fishermen within 48 hours of the catch, enabling the fuel credit to be cleared without delay.

މިފްކޯގެ ސެންޓަރުތަކުން މަސްވެރިންނަށް ކްރެޑިޓަށް ތެޔޮ ލިބޭނެ އިންތިޒާމު ހަމަޖައްސައިފިhttps://t.co/GEaJ8q1DhK

— MIFCO (@mifcomv) August 11, 2026

According to the Fisheries Ministry, vessels above 85 feet will be allocated 5,000 litres of fuel, vessels between 50 and 85 feet will receive 3,000 litres, and vessels below 50 feet will receive 1,500 litres.

The government said fuel will be supplied through STO or Fuel Supply Maldives (FSM), depending on the preference of fishermen.