MIFCO raises skipjack tuna purchase price to MVR 22.75

The Maldives Industrial Fisheries Company (MIFCO) has announced significant revisions to its skipjack tuna purchase prices.

In a recent social media post, MIFCO outlined the revised rates and the ports where they will take effect. The new pricing structure comprises three tiers based on the volume of fish delivered by each boat. The company stated that the adjustments reflect market supply and demand conditions and are in line with government policies aimed at ensuring fair prices for fishermen while promoting sustainable fisheries management.

The revised purchase prices are as follows:

1 to 5 tonnes: MVR 21.00 per kilogram
5 to 8 tonnes: MVR 22.00 per kilogram
Over 8 tonnes: MVR 22.75 per kilogram

MIFCO confirmed that purchases at the revised rates came into effect at the ports of GDh. Thinadhoo, Lh. Felivaru, HA. Ihavandhoo, L. Hithadhoo, and M. Mulah on Tuesday.

The latest adjustments follow a series of phased price increases introduced by the company in response to international market trends and domestic supply levels. In June, the purchase price was set at MVR 20.00 per kilogram before rising to MVR 21.00 in August and subsequently increasing to MVR 22.00 per kilogram for skipjack tuna last month.

President Dr. Mohamed Muizzu has previously assured that although purchase prices will fluctuate in line with international market demand, the government intends to maintain a minimum rate of MVR 20.00 per kilogram. MIFCO has reiterated its commitment to ensuring that purchase prices do not fall below this threshold.