Fuel prices hiked

The Malawi Energy Regulatory Authority (MERA) has adjusted upwards pump fuel prices effective June 23.

Petrol, diesel and paraffin have been raised by an average of 34 percent.

The price of petrol has jumped from K1, 380 per litre to K1, 999 representing 44.92 percent.

Diesel price is now selling at K1, 920 per litre from K1, 470 representing 30.61 percent while paraffin has moved from K956 per litre to K1, 236 representing a percentage of 29.29.

According to MERA, some of the factors that have led to the increase in prices include the recent devaluation of the Malawi kwacha and the rise in price of petroleum products on global market.

Reads part of the statement: “MERA assessed the combined effect of the movement of the FOB prices, the exchange rate of the Malawi kwacha against the United States Dollar, and change in local factors that determine the maximum pump prices on the landed cost of petroleum products.”

This is the second time in three months that the country has experience increase in fuel price this year.

Meanwhile, experts have predicted tough times ahead.

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