The Malawi Energy Regulatory Authority (MERA) has hiked fuel prices effective today.
A letter by MERA chief executive officer Collins Magalasi addressed to oil marketing companies says the energy regulator has hiked paraffin by 10 percent, diesel by 9.21 percent and petrol by 7.68 percent.
The price of petrol has been increased to K888 per litre from K824, diesel has been hiked to K890 from K815 while paraffin which was at K648 per litre is now at K719 per litre.
According to MERA, the new pump prices reflect the increase in landed cost of petroleum products on the international market though the regulator has only passed through 50 percent of the In Bond Landed Costs increases.
“The board further resolved that the remaining 50% increase in landed costs be cushioned by the available fund in the Price Stabilisation Fund (PSF),” Magalasi said.
The MERA last increased pump prices two years ago. The current hike however is still expected to affect commodity prices.