Malawi fuel prices hiked, petrol at K723

After some months of fuel price hike relief Malawians woke up on Saturday to new pump prices.
The Malawi Energy Regulatory Authority (MERA) Friday, May 8 announced new prices for fuel, saying the price change follows recent price trends in the world petroleum products’.
Petrol is now selling at K723.60 from K696.30 representing a 3.92 percent hike.
Diesel has gone up from K705.50 to K734.60 representing a 4.12 percent hike.
While paraffin has gone up from K609.30 to K633.20 representing a 3.92 percent hike.
This development is bad news for the economy as fuel price hikes drive up the cost of living.
This also means most traders will raise their prices of goods and services in response to the high cost of fuel.
“…MERA considered recent trends in the world petroleum products’ prices and changes in other macroeconomic fundamentals in the local market and their impact on energy prices,” statement by MERA board Chairperson Dingiswayo Jere said .
The statement further indicated that the pump prices have gone up because of an increase in the same on the world market as well as the stabilising of the local currency.
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