The Maldives Industrial Fisheries Company has increased its purchase price for skipjack tuna to MVR 22.75 per kilogram, raising the base procurement rate paid to local fishing vessels across its collection network.
The state-owned fisheries enterprise announced the price revision on Tuesday, stating that the updated rate takes effect immediately across all collection centres, freezing barges, and fish processing facilities operated by the company in the north and south.
Aligning procurement with market realities
Under the revised pricing structure, MIFCO will purchase chilled, quality-grade skipjack tuna at MVR 22.75 per kilogram, while unchilled catch will be procured at a standardized baseline of MVR 20.75 per kilogram.
Company management indicated that the adjustment is intended to maintain fair returns for pole-and-line fishermen amidst fluctuating operational fuel expenses and international canned tuna price movements:
"The revision ensures that our local fishing fleet receives competitive, stable compensation for their catch. We remain focused on expanding freezing capacity and streamlining vessel offloading to support the industry," MIFCO stated in an operational bulletin.
The move marks the latest adjustment in MIFCO’s floating price mechanism, which the government introduced to replace rigid state subsidies with commercially sustainable procurement linked to international market benchmarks.
Expanding cold storage infrastructure
The price hike comes as the Ministry of Fisheries and Ocean Resources accelerates projects to upgrade regional fish collection hubs. Large-scale freezing capacity expansions are currently underway at Felivaru in Lhaviyani Atoll and Kooddoo in Gaafu Alifu Atoll to reduce vessel waiting times during peak catch seasons.
Fishermen's associations in southern atolls welcomed the price increase, noting that higher floor prices provide vital financial stability as vessel operators contend with elevated diesel costs and maintenance outlays. MIFCO reiterated that payments will be processed through direct bank transfers to minimize disbursement backlogs.
