MALAWI INCREASES FUEL PRICES
The Malawi Energy Regulatory Authority (MERA) has announced an increase in fuel prices from K1, 380 for a litre of petrol to K1, 999 while diesel has jumped to K1, 920 a litre from K1, 470.
Likewise, paraffin prices have moved up to K1, 236 from K 956 in April this year.
Addressing the press in Lilongwe on Wednesday evening, MERA Chief Executive Officer, Henry Kachaje said the spike in petroleum prices is a result of a major upwards movement in the Free On Board prices of these commodities and the effect of the recent 25 percent devaluation of the Kwacha.
He said the increases, which are 44.9 percent for petrol and 30.6 percent for diesel, are beyond the 5 percent bracket provided for under the automatic pricing mechanism currently used to determine retail prices of petroleum products.
To cushion Malawians from the effects of such global price movements, he said MERA is hoping that Malawi will in the short to long term be able to find cheaper ways of moving fuel into the country.
Reported by Ayam Maeresa, MBC Online Services