The Maldives has recorded a strong rise in revenue from both maritime bunkering services and Green Tax collections, reflecting the government’s ongoing efforts to diversify the economy and strengthen national income streams.
Speaking at the President’s Office, Minister of Economic Development, Transport and Trade Mohamed Saeed announced that the country’s maritime bunkering sector has generated nearly USD 60 million in revenue since operations began in September 2024.
The state-led initiative, operated through the State Trading Organization (STO), was launched under the administration of President Dr Mohamed Muizzu as part of broader economic diversification efforts. According to Minister Saeed, the sector had generated MVR 923.46 million (USD 59.90 million) in revenue as of 30 April 2026.
Citing data from STO, the minister noted that earnings are now approaching the MVR 1 billion mark.
“Within less than two years, and notably without a dedicated port facility, this initiative has successfully generated close to MVR 1 billion in revenue,” he said.
Minister Saeed highlighted that the sector’s rapid growth has been driven largely by specialised petroleum products, with around 90 per cent of the fuel supplied consisting of products previously unavailable in the Maldivian market.
The sale of low-sulphur fuel has also strengthened STO’s overall performance. In its first-quarter financial report, STO recorded total revenue of USD 356.09 million.
Fuel sales through offshore bunkering operations increased by 18 million litres during the quarter, supported by a strategic partnership with Swiss-based Vitol Group.
The government aims to further expand the bunkering sector as part of its long-term strategy to diversify the economy and establish sustainable new sources of state revenue.
Meanwhile, figures released by the Ministry of Finance and Public Enterprises show that the Maldives has also seen a significant increase in Green Tax revenue this year.
According to the ministry, Green Tax collections reached USD 57.91 million so far in 2026 — an increase of 18 per cent, or USD 9.10 million, compared to the USD 48.81 million collected during the same period last year.
Introduced in 2016, the Green Tax is charged to tourists staying at resorts, guesthouses, hotels, and safari vessels, with the funds allocated towards environmental protection and sustainability projects across the country.
The tax rates were revised on 1 January 2025, increasing from USD 6 to USD 12 for higher-end tourist establishments and from USD 3 to USD 6 for other accommodation providers. Children under the age of two remain exempt from the fee.
Revenue generated through the Green Tax is used to finance a range of environmental initiatives, including beach protection and coastal clean-up programmes, as well as water supply and sewerage infrastructure projects nationwide.
The increase in Green Tax revenue comes amid continued growth in tourist arrivals to the Maldives.
According to statistics released by the Ministry of Tourism and Civil Aviation, more than 800,000 tourists have visited the Maldives so far this year.
While arrival figures initially saw a decline compared to last year due to temporary flight suspensions linked to tensions in the Middle East, visitor numbers have steadily recovered following the resumption of services by several international airlines.
The Maldives is currently recording an average of 6,618 tourist arrivals per day.
