MIFCO raises skipjack tuna purchase price to MVR 22

Maldives Industrial Fisheries Company (MIFCO) raised the purchase price for skipjack tuna to MVR 22 per kilo on Tuesday, weeks after keeping the rate steady at MVR 21.

A spokesperson from MIFCO told Sun on Tuesday that the price hike reflects changes to market demand and supply.

Such price adjustments are made after taking into consideration the best interests of both local fishermen and the company itself, added the spokesperson.

“This adjustment reflects changes to the demand and supply in the fisheries industry. This change reflects the government’s pledge to offer fair changes and a sustainable livelihood for ordinary fishermen. This [MVR 22] will be the rate effective today until such time as a different rate is set,” said the spokesperson.

MIFCO purchase rates:

• Skipjack tuna: MVR 22 per kilo
• Yellowfin tuna (10-15 kilo): MVR 20 per kilo
• Yellowfin tuna (above 15 kilos): MVR 25 per kilo

MIFCO has uniform purchase rates at all its complexes, including at Felivaru, Kooddoo, Addu City, Thinadhoo City, HA. Ihavandhoo, K. Kandu Oiy Giri, and M. Mulah.

Fixing the purchase price for skipjack tuna at MVR 20 per kilo was a pledge President Dr. Mohamed Muizzu made during his 2023 campaign.

MIFCO has set a floor price of MVR 16 for purchase of tuna, and adjusts its prices on a daily basis.