MIFCO Alters the Prices of Fuel Sold by the Company

Maldives Industrial Fisheries Company Ltd (MIFCO), is a state owned enterprise playing a key-role in the fisheries industry of Maldives. Yesterday, a press release was published by the Company informing the public that they had altered the prices of the fuel being supplied by MIFCO, by decreasing the existing prices.

Photo: Zuvaan Masveriya

MIFCO highlights that the decision to decreased the prices of fuel roots from the certainty that a significant portion of the income earned by local fishermen through their blood, sweat and tears is exhausted on covering the cost of fuel for their vessels. Thus, this decision taken by MIFCO is focused on increasing the amount of payment local fishermen can retain after covering the expenditure of the fuel needed for the operation of their vessels.

Photo: MIFCO MV

Changes brought to prices are as follows;

Price Prior to Change per ltr : MVR 8.65
Price Post to Change per ltr : MVR 7.33

Local fishermen purchasing fuel from MIFCO is subject to pay a duty set by the Company. They have reduced the duty charge to 0.22 laari per liter. Now, with a combination of the reduced prices and the duty charge, 1 liter of fuel is set to be sold at MVR 7.1, effective from 22^nd September 2020.
In concluding their announcement, MIFCO has reassured local fishermen that the Company will consistently work on providing their services at the best lowest price and at the best quality.