Fuel price hike to have an immediate impact on Malawi economy
Malawi Energy Regulatory Authority (MERA) has announced the upward adjustment of fuel prices by as power outages are worsening but has maintained the price of paraffin.
A statement from MERA says pump petrol price is now at K930.00 per litre, diesel at K924.00 per litre while paraffin remains at K710.50 per litre.
MERA says this decision comes up following its Board’s assessment of liquidity of the Price Stabilization Fund, movement of FOB prices on the international market and exchange rate movements.
“Please be reminded that it is a requirement that pump prices are clearly displayed on a visible signage within the business premises,” says the statement.
Fuel price increase has a ripple effect on many other sectors. It is not just the cost of transport that will go up. Fuel price increase is inflationary. It erodes people’s buying power.
The power outages and fuel price increases translate into more hardships for Malawians.
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I didn’t know SOB has now changed to FOB. No wonder the fuel prices are going up.