The Maldives Industrial Fisheries Company (MIFCO) has increased the purchase price of skipjack tuna to MVR 21 per kilogram, citing adjustments based on market demand and supply.
MIFCO stated that the decision to raise the price to MVR 21 is part of its policy to ensure fair rates for fishermen and to strengthen the sustainability of the fisheries sector.
"This change was brought about under the government's policy to provide a reasonable price to fishermen and to enhance sustainable fishing practices, while taking demand and supply into account," the company said.
At the beginning of June, MIFCO’s purchase price for skipjack tuna stood at MVR 18.50, before being increased to MVR 20 later that same month.
The price was raised to MVR 20 on June 9. Before that, on June 7, the rate had been adjusted to MVR 18.50, returning to the price level maintained before the onset of the conflict in Iran. Following the start of that conflict, the purchase price had been lowered to MVR 17.
In addition to skipjack tuna, MIFCO currently purchases yellowfin tuna at MVR 20 per kilogram, while yellowfin tuna weighing over 15 kilograms is bought at MVR 25 per kilogram.
MIFCO continues to purchase fish at rates that do not yield a profit for the company. In September 2024, the company noted that even purchasing at MVR 16 per kilogram resulted in a financial loss.
At the time, MIFCO said that government subsidies were required even to maintain the purchase price at MVR 16.
President Mohamed Muizzu said in June that the government's policy and objective are to maintain MIFCO’s purchase price at MVR 20. He further noted that the administration aims to ensure that prices do not fall below MVR 18, even during periods of market decline.
