Malawi Energy Regulatory Authority (MERA) has revised downwards pump prices of fuel following a drop in petroleum prices on international market.
In a statement, MERA says the downwards revision of the three petroleum products Petrol , Diesel and Paraffin follows the trend in the world petroleum products prices and other macroeconomics fundamentals.
Following the revision, Petrol is now selling at K441.10 from K490 representing a percentage change of -9.98, Diesel is selling at K445.60 from K475, representing a percentage change of -6.19 and Paraffin was at K171 and now is selling at K171.
The new prices are effective July 6, 2012.
“In line with the Automatic Pricing Mechanism (APM), MERA has revised downwards pump prices of three petroleum product. This also follows trends in the world petroleum products prices and other macroeconomics fundamentals,” the statement reads in part .
MERA further disclosed that it has introduced Import Margin of K2.00 per litre in price build up for patrol, diesel and paraffin.
“In order to support the operations of the important segment of the fuel supply chain, MERA has introduced in the price build for petrol, diesel and paraffin an Import Margin,” further reads the statement signed by MERA chairperson Mr. L.Y Zinyemba.
Fuel prices went up on May 11 this year follwo8ing the devaluation of Kwacha and government’s removal of fuel subsidies.
Minister of Energy and Mines, Cassim Chilumpha told the local media that in the current national budget, government has adopted a new fuel pricing methods in order to be in line with world fuel pricing trends.