The Maldives Industrial Fisheries Company (MIFCO) has lowered the price of tuna cans at sunset on Monday after hiking prices at noon.
The price of canned tuna was increased 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 vote.
MIFCO raises tuna can prices after elections despite government assurance
MIFCO has increased the price of canned tuna due to rising global oil costs, despite prior government assurances that no such measures would follow the elections. To further manage operational expenses and the impact of regional conflict, the state-owned company has also shortened its administrative office hours.
MIFCO said they decided to reverse the price change after considering the people's opinion and the cost of living.
MIFCO increased the price of canned tuna in oil to MVR 18.50. But the price has now been lowered back to MVR 17.50.
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.
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.
