Economic Minister Mohamed Saeed said the Maldives has earned nearly MVR 1 billion from its new bunkering service.

Speaking at a press conference at the President’s Office, the minister said the state generated MVR 923.46 million in revenue from bunkering services by the end of April.

He highlighted that the industry achieved this growth within two years, despite the Maldives not having a dedicated harbour for the service. Saeed also noted that around 90 percent of the fuel used for bunkering is imported into the country.

According to the minister, much of the revenue comes from low-sulphur oil, which is newly imported and sold in the Maldives.

Statistics released by STO showed that fuel sales through bunkering services in the first quarter increased by 18 million litres compared to the last quarter of 2025.