Malawi Energy Regulatory Authority (Mera) has maintained fuel pump prices at their current levels during its latest price review.
This means consumers will continue paying K824.70 per litre for petrol, K815.80 per litre for diesel and paraffin at K648.70 per litre.
In a statement issued on Wednesday and signed by Mera board chairperson the Reverend Joseph Bvumbwe, the energy sector regulator said the average free on board (FoB) prices of all fuels increased in August when compared to the averages obtained in October last year which are used in determining the ruling pump prices.
Reads the statement in part: “The FoB prices of petrol, diesel and paraffin rose by 7.24 percent, 3.55 percent and 3.26 percent respectively in the month of September 2017.”
But Mera said after assessing the combined effect of the movement of the FoB prices and the Malawi kwacha exchange rate to the dollar plus changes in local factors that determine the maximum pump prices, it noted that the landed cost of petrol, diesel and paraffin increased by 7.80 percent, 9.26 percent and 9.36 percent, respectively.
Under the automatic price adjustment system, changes in the value of variables in excess of five percent influence an upward or downward adjustment in prices. In the circumstances, Mera said, the changes in the landed costs qualified all the three petroleum products for an upward pump price review.
During the review meeting, Mera also maintained electricity tariffs at the current average of K57.72 per kilowatt to enable the Electricity Supply Corporation of Malawi (Escom) partly bridge the revenue gap created by the delayed tariff implementation. n