The cost of petrol in Addu City has risen to MVR 29 for each liter.

This rise comes after the persistent conflict in the Middle East, which resulted in the shutdown of the Strait of Hormuz—among the globe's most vital maritime routes for oil movement. The upheaval has caused a rise of over 40 percent in worldwide crude oil prices.

The Maldives is said to be one of the ten countries most profoundly impacted by the sudden increase in fuel costs.

On February 5, Fuel Supplies Maldives (FSM), a branch of the state-owned State Trading Organization (STO), executed a fuel price hike of 18 to 26 percent. Consequently, the cost of petrol surged from MVR 13.50 to MVR 16.01 per litre, whereas diesel ascended from MVR 13.92 to MVR 17.54 per litre.

In Addu City, the nation’s second most populated area, fuel costs have risen more significantly. The price of petrol is now MVR 29.26 per litre, whereas diesel is available at MVR 30.13 per litre. In the Meedhoo area, diesel prices are said to have hit as high as MVR 31 per litre.

Addu City Mayor Ali Nizar remarked that the existing rates seem excessively high when compared to worldwide market trends. He observed that fuel costs never hit these levels even during the Gulf War and called on the government to reconsider its pricing strategy. The mayor urged residents to cut back on unnecessary spending and stay mindful of their financial management.

Due to increasing expenses, the government has revealed intentions to step in by using STO's anticipated earnings along with offering state subsidies, intending to stabilize fuel costs and lessen the financial strain on citizens.

On February 3—just four days after the conflict started—Economic Minister Mohamed Saeed guaranteed the public that the Maldives would not experience shortages of fuel, gas, or essential food products, claiming that supply chains would stay intact.

In the midst of worldwide market upheaval, the Maldivian government has officially requested support.