Fuel prices go up 10 percent
Malawi Energy Regulatory Authority (Mera) has hiked the pump price of fuel effective today following the depreciation of the kwacha against foreign currency and increasing fuel price on the international market.
In a statement release on yesterday, Mera says petrol is now selling at K485.60 up from K441.10, representing an increase of 10.09 percent.
Diesel is at K475 up from K445.60, representing a 6.6 percent increase.
Paraffin which was at K367 is now selling at K390, representing 9.27 percent increase.
The statement says since the last pump price revision of July 6, 2012, the Fuel on Board (FOB) prices on the international market increased by 8.562 percent, 6.33 percent and 6.34 percent on petrol, diesel and paraffin, respectively.
It further says locally the exchange rate of the kwacha/US$ has depreciated by 2.15 percent over the same period of time from K278.00 to K284.00 to US$1 as of August 6, 2012.
Mera reduced fuel prices on July 6, 2012 following decreasing fuel price on the international market.