Barely few days after the announcement of the devaluation of the local currency, Malawi Energy Regulatory Authority (MERA) has announced the increase of fuel and electricity prices.
According to a statement released by MERA, diesel will now be sold at K475.00 from K360.00 per litre.
Petrol now costs K490.00 from K330.00 per litter.
Paraffin will be sold at K171 for use of domestic purposes while those using for industrial purposes need to cough K388.00 per litre.
The announcement indicates that the new prices are with effective today, May 11, 2012.
MERA has also announced that electricity tarrifs has also been hiked. It said the rise in electricity fees is from K9.83 tambala per kilowatt hour to 16 kwacha 6 tambala per kilowatt hour.
Reserve Bank of Malawi Governor Charles Tchuka announced the devaluation of local currency by 49% on Monday.
Kwacha has initially been moved from K168.00 to K250.00 against the United Stated dollar.
The prices of basic commodities including bus fares are likely to go up following the fuel price increase.
Meanwhile, Minibus Owners Association of Malawi (MOAM) has said the bus fares will also be upjusted upward.
“Members will meet to discuss and determine new bus fares,” said MOAM General Secretary Coxley Kamange in an interview Friday.
Fuel prices largely determine prices for basic commodities and transportation.