The Maldivian government has announced the initiation of a fuel subsidy for bigeye tuna fishing vessels, mirroring the existing support provided to skipjack tuna fishermen. This strategic decision aims to alleviate the financial burden on a vital segment of the nation’s economy.

Effective immediately, bigeye tuna fishing boats refueling at the Hulhumale’ FSM Terminal and K. Himmafushi FSM Shed will be able to purchase fuel at a subsidized rate. This measure is a direct response to the escalating global oil prices, largely influenced by ongoing conflicts in the Middle East.

President Dr. Mohamed Muizzu’s administration has been actively working to mitigate the adverse effects of these rising costs on local fishermen. Following consultations with the bigeye tuna fishing community, the government, through the State Trading Organization (STO), decided to implement this crucial subsidy.

At a time when the global economy faces significant headwinds and slowdowns, the Maldivian government is committed to implementing robust measures to sustain and bolster the nation’s economic resilience. This fuel subsidy underscores the administration’s dedication to supporting key industries and ensuring the livelihoods of its citizens.