Monday 16 Mar 2026
People pictured near the jetty of the capital Male' City as they prepare to depart to their islands: Speedboats traveling to residential islands docked at jetty in front of MMA in Male' City: Speedboat fares have doubled ahead of the Eid holidays due to rising oil prices triggered by the Middle East conflict. (Sun Photo/Fayaz Moosa)
The Maldives is witnessing a sharp escalation in private speedboat transfer costs as a direct consequence of soaring global oil prices. This increase, precipitated by regional conflict in the Middle East, has compelled Fuel Supplies Maldives to raise rates, creating a ripple effect across the transportation sector. With Eid al-Fitr approaching, the timing is particularly challenging for families traveling between islands. Operators have adjusted ticket prices upward while simultaneously curtailing service frequencies. Furthermore, the rising cost of aviation fuel has sparked concerns regarding potential increases in domestic flight fares, adding to the public's financial strain.
Following a sharp surge in global oil prices, the cost of petrol and diesel in the Maldives has risen significantly, prompting substantial increases in ticket prices for private speedboat transfers nationwide.
The price hike come ahead of the Eid al-Fitr holidays, a period when many residents travel to their home islands. The spike in fuel costs was triggered by the Middle East conflict, prompted by strikes on Iran by Israel and the United States shortly after the commencement of Ramadan.
The ongoing crisis has disrupted the global energy market, leading Fuel Supplies Maldives (FSM), a subsidiary of STO, to raise rates for private businesses. These increases affect regional fuel deliveries as well as bunker services provided via bowsers at jetties.
In response, private speedboat operators have revised their fare structures. Tickets for nearby islands have increased to MVR 600, while tickets to Faafu and Dhaalu Atolls have risen to MVR 900. Some operators have also reduced trip frequency, shifting from daily schedules to limited weekly services.
The development is expected to place a considerable financial burden on the public, particularly those traveling for the holidays.
Additionally, with jet fuel costs also climbing due to the global market situation, there are growing concerns that domestic airfares may rise in the near future.
