Maldives Industrial Fisheries Company Ltd MIFCO says it will not increase the price of its product yet and will keep them the same till Ramadan.
This comes after it decided to hike prices of company products starting today.
But in a statement last night, the fish company said that although it would be buying catch from fishermen at a higher price, it would not be increasing the price of its products till Ramadan. MIFCO also said this was part of a promotion that began in the run-up to Ramadan.
MIFCO assured that customers they would always be able to purchase company products from its stores.
The Company had said before that they had taken the decision to hike the prices after considering the rise in oil prices in the global market and having forecasted its impact on company operations.
MIFCO had not stated how much of a price hike would be implemented come, Ramadan.
Meanwhile, State Trading Organization STO said today that its subsidiary MIFCO would be buying catch from fishermen at a higher price starting today.
Managing Director at STO Hussain Amr said that MIFCO would be buying fish catch at MVR 17 starting today. He further said that operations at MIFCO had been enhanced and that the quality of its products had been improved.
