MDP former Chairperson Fayyaz Ismail has warned that the Maldives is facing a serious economic crisis as fuel prices rise and gas shortages worsen across the country. He blamed President Mohamed Muizzu’s government for failing to prepare for the ongoing fuel crisis.
Fayyaz said the government’s high spending, expansion of state-owned enterprises, and increase in government jobs have left the Maldives economy weak and exposed. He warned that the current fuel crisis could push the country toward an economic collapse if urgent action is not taken.
“We have been warning about how fragile the economy is. The government’s decisions have created the conditions for a crisis. Now, the fuel situation could lead to a serious breakdown if nothing is done,” he said.
Fuel and Gas Shortages in Maldives
The fuel crisis in the Maldives has worsened in recent days, with sharp increases in fuel prices and limited gas supply.
The State Trading Organization (STO) has raised fuel prices for businesses, with diesel increasing from MVR 16.52 to MVR 27.22 per litre, and petrol from MVR 15.00 to MVR 26.14.
At the same time, Maldive Gas has limited cooking gas refills to five kilograms, even for 10kg cylinders. This has led to panic buying and growing shortages.
Fayyaz warned that rising fuel prices will increase transport costs and push up the prices of goods, making life more difficult for the public. He also raised concerns about possible water shortages during the upcoming dry season, as the Maldives depends on desalination.
Government Criticized Over Fuel Crisis Response
Fayyaz accused the government of ignoring the fuel crisis in the Maldives and focusing on political campaigning instead of taking action.
He also pointed to the $500 million sukuk repayment due in April, saying the government has not explained how it plans to manage the payment during a time of rising global prices and supply issues.
He warned that using state institutions or banks to avoid default could create long-term damage to the economy.
“The government must act now and take this seriously. Ignoring the crisis will only make things worse for the people,” Fayyaz said.
Call for Action on Maldives Economic Crisis
Fayyaz called on the government to cut unnecessary spending, prepare the public, and take clear steps to manage the fuel crisis before it worsens further.
