The Lazarus Chakwera administration through the Malawi Energy Regulatory Authority (MERA) has hiked fuel prices and electricity tariff by more than 44 percent following the fall of the Malawi Kwacha against the United States dollar.
MERA has released a statement today signed by board chairperson Reckford Kampanje.
The price of Petrol has been raised from K1,746 to K2530 per litre while Diesel which was at K1920 is now at K2734 per litre.
The price of paraffin has also been increased from K1261 to K1910 per litre.
MERA has also increased average electricity tariffs from the current K123.26 per kilowatt-hour (kWh) to K173.70/kWh effective 10 November 2023.
In August 2023, MERA approved and granted Electricity Supply Corporation of Malawi a 50.8% base tariff increase for the period 2023 to 2027. The first-year tranche of 18% which became effective on 1 September 2023 moved the average tariff from K104.46/kWh to K123.26/kWh.
According to MERA, the seconds electricity tariff increase in three months was necessary because of the adjustment in exchange rate by the Reserve Bank of Malawi.
Meanwhile, prices of various basic goods and services are also expected to increase following the exchange rate adjustment.