MIFCO Raises Skipjack Tuna Purchase Price to MVR 18.50

The state‑run Maldives Industrial Fisheries Company (MIFCO) announced on Sunday a revision to the price it pays local fishermen for skipjack tuna, raising the purchase rate to MVR 18.50 per kilogram. 

The new rate, effective immediately across all MIFCO collection centres and vessels, replaces the previous MVR 17 per kilogram that had been in place since late last year.

“Our decision reflects the current market valuation of skipjack tuna and the commitment made by President Dr Mohamed Muizzu to lift the purchase price to MVR 20,” MIFCO Managing Director Mohamed Anas said. 

“We will adjust the price gradually, based on the volume of fish we receive, to ensure fairness to both the fishermen and the company.”

Anas explained that the previous reduction to MVR 17 had been necessitated by a sharp rise in fuel costs, triggered by the Middle‑East conflict, which sharply increased operating expenses for the state‑run enterprise. With fuel prices stabilising, MIFCO is now able to align its rates with those offered by private fish buyers, who are currently purchasing skipjack tuna at MVR 18.50 per kilogram.

The adjustment comes at a critical time for the Maldives fishing sector, which has seen a notable decline in catches over the past two years. Industry analysts point to a combination of seasonal variability, higher operational costs, and reduced fishing effort as reasons for the downturn.

While the skipjack tuna price has been upped, MIFCO left the purchase price for yellowfin tuna unchanged. The tiered structure remains—MVR 20 per kilogram for fish weighing between 10 kg and 15 kg, and MVR 25 per kilogram for any yellowfin exceeding 15 kg.

Fishermen’s cooperatives welcomed the increase, noting that the higher price will help offset rising operational costs and provide some relief after a challenging period. 

The government has signalled that further price adjustments for other species may follow as market conditions and fuel prices evolve.