Fuel pump prices

Fuel pump prices

LILONGWE (Malawi NewsNow)- The Malawi Energy Regulatory Authority (MERA) on Friday announced that it was maintaining the pump prices for fuel following recent trends in the global petroleum products’ prices.

The prices have been in place since March 2016.

This means that the prices remain at K743.30 ($1.07) for petrol, K722.80 ($1.04) for diesel and K580.40 ($(0.84) for paraffin.

Speaking in Lilongwe on Friday, MERA Board Vice Chairperson, Felisa Kilembe said that trends in the international petroleum market and changes to other macroeconomic fundamentals in the local scene including the appreciation of the Malawi Kwacha left an impact on energy prices.

“We have resolved to cushion the increase in the costs of the three products through a price stabilization fund. Pump prices have therefore been maintained,” she said.

However, she said, since the last review of the In Bond Landed Cost (IBLC) of the petroleum products in March 2016, the Malawian Kwacha had appreciated by 7.64 percent against the US dollar, now trading at K693.50/US$1 from K750.85 for $1.