The Minister of Finance and Planning, Moosa Zameer, has revealed that work is under way by the State Trading Organisation (STO) to establish a 1,500-tonne gas storage facility in the Malé area.
The government is stepping up efforts to ensure a stable supply of fuel and gas to the Maldives. Global fuel and gas prices have risen sharply due to the ongoing Middle East conflict. Petrol and diesel imported into the country are high-grade refined fuels, and local prices have also increased significantly.
To meet rising demand, STO’s subsidiary, Maldives Gas, had recently been selling gas with limited stocks. However, following the arrival of a new shipment, services have now resumed as normal.
Highlighting government efforts to address the situation, Minister Zameer assured that there are no constraints on gas shipments to the country. He noted that the Maldives receives its gas from the same suppliers as neighbouring countries, including Sri Lanka and Bangladesh.
He further explained that gas is transported to regional markets via smaller vessels, with operations often carried out in Maldivian waters due to favourable weather conditions in the area.
As part of efforts to address supply challenges, the minister said STO is working to expand its gas storage capacity, with the project expected to be completed within the year if progress continues as planned.
Last week, Maldives Gas had been selling gas in limited quantities due to increased demand. During this period, discounted 5kg cylinders were offered as a substitute for the usual 10kg cylinders. With the latest shipment, however, normal service has resumed.