Malawians to pay more in new fuel prices as Kwacha continue to weaken

News of the move –motorists will have to dig deeper into their pockets following the upward adjustments of fuel prices by Malawi Energy Regulatory Authority (MERA).

Fuel pump prices  up

Fuel pump prices up

Nyasa Times understands that the regulator have  adjusted upwards fuel prices effective November  8, 2014.

Petrol is now MK 856.70 up from 796.20, per litre Diesel now selling at MK 865.90 from MK805.50.

“Malawi Energy Revenue Authority (Mera) has resolved that maximum pump price for petrol, diesel and paraffin be revised upwards effective November 8 2014,” reads the statement.

Mera cited the movement of international oil prices, exchange rate of the kwacha to the dollar and other macro-economic fundamentals.

The kwacha continues to lose ground against major trading currencies and has slipped further to K520 to a dollar in some foreign exchange bureaus and authorised dealer banks (ADBs.

Daily foreign exchange bureau rates show the kwacha selling at K520 to a dollar which is a steep fall from K460 to dollar in May when the country held elections.

Spot-checks revealed that on the parallel market or black market, a dollar is selling at K530 and buying at K565, indicating a steep fall in the value of the local unit which was selling at K455.

Financial analysts predict that the local currency will continue ceding against other foreign currencies in view of prevailing economic environment.

The increase in fuel prices could have an effect on transportation costs and the cost of power, which are some of the main drivers of inflation in Malawi .

Malawi’s major donors under the Common Approach to Budget Support (Cabs) are withholding budget support for Malawi worth $150 million (over K60 billion) following the revelations of massive public funds abuse at Capital Hill popularly known as cashgate.

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Sunga Moyo
Guest

Tizionera limodzi.But specialists say let us diversify our economy.It is just a song. There is need for action,action and action.Dont just talk but put it into action.

zay1980
Guest

Nyaphapi wamkulu

Dan
Guest

Mphwenthu opanda mano mkamwa.
mbuzi yamano kusi

peter
Guest

During campain you were saying you shall reduce the inflation. Fuel will be going down in prices, you were promising a lot to poor Malawians , malata, Cement etc. Is this JB who is rising the cost of living? Malawians look now what is happening with this person. Pleaselet us go to the street to show our anger.

zondeni
Guest

i said it guyz musasangalale kwambiri, peter !peter! peter! ameneyu sangasiyane ndi mkulu wake lero mwaziona musatinyasepo apa kazingolilani musovaaaaaa!!!!!!!!

matias chikata
Guest

Stop Insurting pple any how!!!
may be is ur tendancy or due to ignolance ,
let ur ignolance not expose to audience.If u do not hav a speech just keep silence.

50 YEARS INDEPENDENCE
Guest

PETER ; WHY CANT YOU JUST RESIGN FOR YOUR OWN GOOD AND THE BETTERMENT OF THE POOR PEOPLE OUT THERE ??? CALL ME ON THIS NUMBER FOR FREE ADVICE @ READ THE BIBLE AND PRAY !!!

nkunthamasese
Guest

Gudoyo sadziwa kuyendetsa economy he shud be fired. He has run out of ideas. anamputsitsa Bingu ‘the econmic engineer’ was reduced to ‘economic nothing’ fire godo the economy will be back on track. Cashgate should not be a hiding place. WALEPHELA GUDO.

cash gate
Guest

tsono mbuzi za chilomwezi tikuvutikanazo limodzi, they just feel kuti akulamula ndi mlomwe mzathu basi, umbuli basi, osatisokonezera dziko ndi umbuli wanuwo.

zandiwawa
Guest

zonsezi ndi dyela la MR MBENDERA NDI MEC yake poyika pa m’mpando munthu amene a Malawife sitidamuvotere osamatinamizila a Malawife kuti tidavotela DPP ayi sitinati tililira ngati mbuzi.

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