Maldives Industrial Fisheries Company (MIFCO) has decided to increase the prices of its products as commodity prices continue to rise in the world market.
MIFCO earlier said that it would change the prices after the end of its Ramadan promotion.
MIFCO has now increased the price of a case of canned fish in oil by MVR 150. Earlier, MIFCO sold a case of canned fish for MVR 610.
Speaking to local PSM News, CEO of MIFCO Ismail Fauzi said the cost of producing canned fish has increased due to the rising prices of commodities in the world market. The prices of all MIFCO products have been changed.
Meanwhile, MIFCO has increased the purchase price of fish from fishermen. The purchasing price of fish has increased from MVR 16 to MVR 17. Therefore, the process of producing canned fish has increased.
The price of canned fish products has been changed after maintaining the same price for many days. MIFCO said the price change is the best offer to customers at the moment.
MIFCO said it will bring positive changes in prices as soon as the prices of commodities in the world market improve. Commodity prices have risen sharply in the world market following the Ukraine-Russia war.