The Maldives Industrial Fisheries Company (MIFCO) has hiked the price of tuna cans today, citing changes in oil prices, less than two days after the elections, despite the government's assurance that no cost-cutting measures would be taken after the elections.
With the change, the price of canned tuna in oil has increased to MVR 18.50 from MVR 17.50. A case of canned tuna in oil is now at MVR 800.
MIFCO said the price was increased due to the change in oil prices in the world market, which raised the production cost for tuna cans.
The state-owned fisheries company noted that the price of a litre of oil has increased from MVR 11.57 to MVR 14. 32.
The company said the cost-cutting measures were being taken in a way that minimises impact on customers.
MIFCO slashes office hours to cut costs amid Iran War
MIFCO has reduced its administrative office hours and implemented strict energy-saving measures to cut costs in response to the ongoing conflict involving Iran. While head office operations will now end at 2:00 pm, the company stated that core industrial operations will remain unaffected and employee rights will be protected.
Meanwhile, MIFCO has shortened its office hours and is considering further measures to cut costs due to the Iran war.
MIFCO said the company's head office and administrative offices will be open from 8:00 am to 2:00 pm from today (April 6). Previously, offices were open until 4:00 pm.
The Maldives Industrial Fisheries Company is one of the oldest state-owned companies, but it continues to face many operational problems and relies on government subsidies due to losses.
