Fuel prices in Malawi have been hiked barely forty six day after another upward adjustment.
The Malawi Energy Regulatory Authority has says the hike is with effect from today.
Petrol prices have seen a change of 6.20%, being raised to MK990.30 from MK932.50 last time out.
Diesel prices have been faced with a 5.86% increase. The prices per litre are now at MK990.40 from MK935.60 last month.
Paraffin prices have faced the least percentages in the raise. They have seen a 3.93% increase to now be selling at MK785.0 from MK755. 30 in the previous adjustments.
MERA cites the depreciation of the Malawian Kwacha against major currencies and trends in the petroleum market as reasons for the adjustment.
The common pattern in Malawi has been that fuel hikes lead to increase of costs of basic commodities as business operators place costs incurred on transport on the products they are selling.
Fuel prices in Malawi are among the highest in the World. According to a global petrol price tracking portal, fuel prices have been declining during the same period Malawi has seen a swift hike in petrol and diesel prices.
“During the past week, crude oil prices declined for a sixth consecutive week due to the surging supply. As a result, the world average prices of gasoline and diesel also went down to levels of 1.11 USD and 1.06 USD per liter respectively” notes the portal.