With the shocks to the global oil market caused by the ongoing war in the Middle East, the Maldives' expenditure on fuel has increased by 58 percent.

Speaking at a press conference held at the President's Office today, the Director General of the Ministry of Environment, Ahmed Ali, stated that the Maldives utilizes a total of 640 to 650 megawatts of electricity.

This includes:

  • 310 megawatts in inhabited islands
  • 300 megawatts in resorts
  • 30 megawatts in industrial islands

Ahmed Ali stated that as the Maldives is a nation heavily reliant on fuel, any positive or negative fluctuations in the global oil market have a profound impact on the country.

"Previously, before the ongoing issues in the Middle East, we had to spend approximately USD 50 million a month on importing fuel. However, that figure has now reached USD 116 million a month, even based on figures up to March. And this will continue to increase as the war goes on," Ahmed Ali said.

Ahmed Ali further stated that the production of renewable energy must be increased and fuel wastage must be reduced.

The Maldives has set a target to transition 33 percent of the country's energy to renewable sources by the year 2028.