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Home News National News

Mera explains fuel hike

by Orama Chiphwanya
18/07/2018
in National News
2 min read
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Malawi Energy Regulatory Authority (Mera) has said pump prices were raised yesterday in light of increasing global fuel prices to stabilise prices and supply of liquid fuels and gases.

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Fuel prices remained stable since November 2016 as Mera was cushioning the prices using the Price Stabilisation Fund (PSF).

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Magalasi (C) addresses the press

But according to the new price structure, petrol is now selling at K888 from K824.70 representing a 7.8 percent increase, diesel has increased by 9.4 percent from K815.80 to K890.90, while paraffin is now selling at K719.30 from K648.70, representing a 10.88 percent jump.

Mera chief executive officer Collins Magalasi said  in Blantyre yesterday they continue to use the PSF to compensate importers who would otherwise make losses as import prices have been higher than selling prices in the country.

He said by raising the fuel prices, Malawi wants to ensure there is enough resources to continue to import.

“It is this PSF which we have used for many months before but as Mera, we have projected into the next five to seven years and we decided that for us to stabilise prices and supply of liquid fuels and gases for the next few years, we better make this increase.

“Based on what the international fuel prices are indicating, then we would have gone beyond what we have done today, but because we have the PSF, we have taken 50 percent  and cushioned the particular forgone increase we have made,” he said.

Going forward, Magalasi said prices will continue to change depending on the global fuel cost.

In an interview, Consumers Association of Malawi (Cama) executive director John Kapito described the increment as a shock to consumers.

He said anytime fuel prices go up, it brings uncertainty and confusion on the market as traders usually take advantage of the pricing.

Since 2012, Mera has been using  the Automatic Pricing Mechanism—a means where by fuel pump prices are adjusted to reflect fuel price movements on the international market and pump price adjustments reflect the changes in value of In Bold Landed Cost of petroleum products and movements of the kwacha against the dollar.

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President Peter Mutharika has urged employers in the country to treat their workers with a human face amid the coronavirus (Covid-19) crisis which has already seen some people losing jobs.
In his message to mark Labour Day commemoration yesterday, the President asked employers and employees to maintain the spirit of engagement and listening to one another while together fighting the pandemic to ensure lives return to normal.
Just like other countries, Malawi is this year commemorating the day mutely due to the devastating Covid-19 which has so far claimed lives of three people in the country from 37 recorded cases out of which seven have recovered from the disease.
Mutharika noted this year’s Labour Day has come at an unprecedented time in history as the world is struggling and experiencing a difficult time with the pandemic that has spared nobody.
“The pandemic has affected economies as many companies are unable to function to their optimum capacity and are finding it difficult to keep all their workers in the job,” reads the message signed by presidential spokesperson Mgeme Kalirani.
The Malawi leader said he understood the situation employers have found themselves in due to the pandemic as such government would implement more measures to save jobs. 
“That is why government has instituted a number of relief measures such as the Voluntary Tax Compliance Window and a directive to the Reserve Bank of Malawi to implement a win-win arrangement with commercial banks and micro-finance institutions to observe a three-month moratorium on interests on loans. The aim is to protect businesses and help them to survive in this difficult time,” reads his message.
Mutharika then applauded all companies and businesses that are working with government to protect workers from coronavirus and to ensure they maintain their jobs.
Workers’ rights activist Robert Mkwezalamba observed it was a sad moment for workers as they are commemorating their day at a time some of their friends are losing jobs due to coronavirus.
“It is a sad moment. But we expect employers to take care of their workers and respect labour rights,” said Mkwezalamba, chairperson of Human Rights Consultative Council.

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