Malawi has raised fuel prices, the regulating authority said on Thursday.
The new prices were made after consideration in “recent trends in the world petroleum products prices and other macroeconomic fundamentals,”the Malawi Energy Regulatory Authority (MERA) said in a statement made available to Nyasa Times.
The government-funded MERA said Petrol will now be sold at K485.60 from K441.10, Diesel is now at K475.00 from K445.60.
Paraffin, largely used by villagers to light homes, will now be sold at K390 from K367.
According to the statement signed by MERA chairperson Lyton Zinyemba , the increase comes as a result of fuel price increase on the international market.
It further cites that the devaluation of the local currency-Kwacha has also contributed to the inrease.
“The exchange rate of Malawi Kwacha to the US Dollar has depreciated by 2.15% over the same period of time from K278.00 to K284.00 to 1US Dollar as of 6< August 2012,” MERA noted.
MERA said all filling stations are therefore required to display pump prices being charged on clearly visible signage within their premises.