Fuel prices have gone up effective July 17, 2018, the Malawi Energy Regulatory Authority (MERA) has announced.
Petro has been adjusted to K888.00 from K822.150 while diesel is now at K890.90 from K825.050 and paraffin is now selling at K719.30 from K653.450.
A statement released by MERA signed by its Chief Executive Officer Dr Collins Magalasi, said the adjustments have been necessitated by the increasing actual landed costs of petroleum products on the international market.
“The MERA board resolved to pass through only 50% of In Bond Landed Cost (IBLC) increases on pump prices to reflect the increasing actual landed costs of petroleum products on the international market.”
The board further resolved that the remaining 50% increase in landed costs be cushioned by the available funds in the Price Stabilization Fund (PSF).
The changes are likely to result into price adjustments of commodities on the market and transport fares.