Malawians should expect tough times as prices of commodities are likely to go up following the announcement by the Malawi Energy Regulatory Authority (MERA) that the prices of fuel have gone up effective 3rd November, 2016.
According to a statement released by MERA signed by its Chairman Reverend Dr. Joseph Bvumbwe, the fuel price hike comes after considerations in recent trends in the world of petroleum products prices and changes in other Macro-Economic fundamentals in the local market and their impact on energy prices.
The statement reveals that Kwacha has depreciated against the United States Dollar (USD) trading at K729.63 per USD at the time of review from K715.00 per USD as noted in June 2016.
The newly prices are therefore as follow: -Petrol will be selling at K824.70 from K788.30. -Diesel will be sold at K815.80 from K766.90. -Paraffin will be selling at K648.70 from K609.80.
This represents a 11.02%, 18.66% and 16.37% respectively.
The fuel increase will certainly slash the incomes of Malawians.
Malawi economy is on death bed. Already price of food supplies are high.
Just recently, Maize was also hiked fromm K5, 500 to K12,500 representing a historical increase of 127%.