The Malawi Energy Regulatory Authority (MERA) has increased prices of fuel and petrol effective today.
In a statement yesterday, the authority said Petrol price has been increased from K868 to K930 per litre while diesel is now at K924 from K874 per litre.
In January, the authority reduced the pump prices but in yesterday’s statement MERA board chairperson Reverend Joseph Bvumbwe noted that the Malawi Kwacha has since slightly depreciated by 0.30% to K742.01/USD from K739.78/USD since.
He added that since the last price revision in January 2019, MERA has been using the Price Stabilization Fund (PSF) to cushion importation losses but now the PSF can no longer contain the losses.
“MERA Board has therefore, resolved that pump prices for petrol and diesel be adjusted upwards to allow importers recover their importation costs directly as the PSF can no longer contain the difference between Deemed and Actual landed cost of petroleum products,” Bvumbwe said in the statement.