Malawi fuel prices go up

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Category: News Flash

Published on Thursday, 09 August 2012 17:09

Written by Charity Chimungu Phiri & Queen Nhlema

Fuel prices in Malawi went up on Friday morning, barely a month after the authorities decreased pump prices on 6 July.

Petrol will now be sold at K485.60 from K441.10 representing a 10.09 percent. Diesel is now at K475.00 from K445.60, up with 6.60 percent. Paraffin will now be sold at K390.00 from K367.00, representing 6.27 percent.

In a statement, Malawi Energy Regulatory Authority (MERA) officials said this is due to the change in prices on the world market and the depreciation of the kwacha by 2.15 percent.

Rads the statement: “Since the last pump price revision of 6th July 2012, the FOB prices on the international market increased by 8.562%, 6.33% and 6.34% on petrol, diesel and paraffin, respectively.

“The exchange rate of Malawi Kwacha to the US Dollar has depreciated by 2.15% over the same period of time from K278.00 to K284.00 to 1US Dollar as of 6th August 2012.

"A combined effect of the FOB prices and the exchange rate of Malawi Kwacha to the US Dollar has resulted in increased landed cost for petrol, diesel and paraffin by 8.05%, 6.47% and 6.32% respectively.

"In line with the Automatic Pricing Mechanism (APM), MERA has revised upwards the pump prices of petrol, diesel and paraffin."

All filling stations have since been advised to display the new pump prices on clearly visible signage within their premises of business.