Jet Fuel Price Raised by 42%, Domestic Flight Ticket Prices May Increase

Maldives Airport Company Limited (MACL) has increased the price of jet fuel sold at Velana International Airport and other airports operated by the company.

According to MACL’s Managing Director, Ibrahim Shareef, the price of jet fuel has been raised from $1.19 per litre to $1.69 per litre, marking an increase of 50 cents per litre. This represents a 42 percent rise in jet fuel prices.

Shareef said the increase was necessary due to rising global oil prices linked to escalating tensions involving Iran, which have disrupted markets in the Middle East and pushed fuel prices higher worldwide.

With the rise in jet fuel costs, domestic airline operators in the Maldives may face higher operating expenses, which could lead to an increase in domestic flight ticket prices in the near future.

Global oil markets have also seen sharp increases, with the price of crude oil exceeding $100 per barrel, while refined fuels such as petrol and diesel have climbed above $170 per barrel.

Meanwhile, State Trading Organization  (STO) has also increased domestic fuel prices. Petrol has risen by 18.6 percent, while diesel has increased by 26 percent. Petrol is now sold at MVR 16.01 per litre, while diesel is priced at MVR 17.54 per litre.

With the cost of importing fuel into the Maldives now estimated at around MVR 19 per litre, market prices for fuel in the country could soon exceed MVR 20 per litre, according to available information.