Minister of Economic Development and Trade, Mohamed Saeed, has said the Maldives’ oil stocks remain unchanged despite fluctuations in global oil prices triggered by unrest in the Middle East.
Speaking at a press conference held at the President’s Office, the minister addressed concerns over rising international oil prices and their potential impact on the Maldives.
He noted that oil prices in international markets rose by between 25 and 30 per cent yesterday amid escalating tensions in the Middle East. The current situation, he said, is contributing to broader changes in global commodity prices, prompting several countries to take precautionary measures. However, the minister assured that the Maldives has no immediate cause for concern.
“As the President mentioned yesterday, we have no concerns at this stage. In short, we do not anticipate any need to worry about oil, Insha Allah. This applies to both LPG and fuel oil,” Mohamed Saeed said.
The minister added that the government is working to increase national oil storage capacity as part of its long-term preparedness strategy. He said that, in light of global volatility, the government is also exploring additional supply routes to ensure continued access to essential goods. He emphasised that planning is being undertaken with consideration of demographic and consumption trends, including a growing population and rising tourist arrivals, which have increased overall demand.
“With an expanding floating population, resident population and a higher number of tourists arriving compared to previous years, overall consumption has increased. We are therefore planning for the future based on these realities,” he said.
Mohamed Saeed further stated that the country is prepared to manage potential disruptions stemming from the unrest in the Middle East. He confirmed that an oil shipment is already en route to the Maldives and that current stock levels remain stable.
He also reassured the public that there are no issues concerning aviation fuel supplies and that the government is closely monitoring developments.
The minister said he is working in close coordination with the State Trading Organisation (STO) and the Ministry of Finance to assess the situation and implement necessary measures.
He added that the government is taking steps to ease the burden on the public in light of economic shocks resulting from international instability.