Fuel prices up by at least 10 percent
The Malawi Energy Regulatory Authority (Mera) on Thursday adjusted upward fuel pump prices effective this Friday in line with their automatic pricing mechanism (APM).
In a statement, Mera said the price of petrol has increased to K539 from K485.60 per litre while diesel will now be sold at K521.90 from K475 per litre. Paraffin will be sold at K434.30 from K390 per litre.
Mera used the APM in determining the new pump prices by considering rising trends of the world petroleum products and “other macro-economic fundamentals.”
Reads the statement signed by Mera chairperson Lyton Zinyemba: “Since the last pump revision of 10 August 2012, FOB [free on board] prices on the international market increased by 12.11 percent, 10.37 percent and 10.52 percent on petrol, diesel and paraffin, respectively.
“The exchange rate of Malawi to the US dollar has [also] depreciated by 1.76 percent over the same period of time from K284.00 to K288.99 to 1 US dollar as of 4th September 2012.”