President Mohamed Muizzu has said that the ongoing war in the Middle East will cause changes in oil prices and will affect Maldivians.
At a press conference at the President's Office, Muizzu said government policies will be formed to minimise the impacts on the people.
"Oil prices are going up and down during this war. There are changes every day. We are watching the shocks very closely. The government is trying to manage this in such a way that it will have as little impact on the general public," he said.
Muizzu said the government was planning for the long term, including the establishment of a national oil reserve.
"We have started a study on what can be done to establish a national oil reserve. The idea is to establish an oil reserve in three regions of the Maldives, in three phases, with 1.5 years or two years for each phase," he said.
Meanwhile, Finance Minister Moosa Zameer told a press conference on Sunday (March 22) that the government has no intention of raising oil prices.
