The Malawi Energy Regulatory Authority (MERA) has released a statement announcing new fuel prices effective Saturday, 9th February, 2013.
The new fuel prices are as follows: Petrol will be selling at K704.30 per litre from K606.30; diesel is now at K683.60 from K597.40 while paraffin for industrial use will be selling at K591.40 from K509.90.
The price for paraffin (domestic use) has not been hiked as it remains at K171.00 per litre.
This sudden development follows another fuel price hike last October after another one the previous two months.
MERA says these new prices are due to fuel price hike in the international market.
The fuel price adjustments are in accordance to the infamous Automatic Fuel Pricing Method MERA adopted in May last year as part of government’s economic reforms, which include a 49 percent devaluation and Kwacha floatation.
The fuel price increase is expected to be met with mixed reaction with the cost of living soars unbearably on daily basis as inflation rate hovering at around 34 percent.
The adjustment is also expected to throw into question the much touted Economic Recovery Plan (ERP) President Joyce Banda administration is currently implementing as life is becoming unbearable for most Malawians who live below $1 a day.