By Mabvuto Banda:<\/p>\n
The Malawi Energy Authority (Mera) increased fuel prices late Monday, a move that is likely to push up commodity prices up in the country where food prices have already been on an upward spiral.<\/p>\n
The Authority said in a statement it had increased the pump price of petrol by 7.68 percent, diesel by 9.21 percent to reflect the weakened kwacha.<\/p>\n
This means that with immediate effect the pump price of petrol is now going at K888 up from K824. Diesel will now be selling at K890 from K815 and paraffin.<\/p>\n
The last time the Authority increased pump prices was 2 years ago. The price increase is partly in response to weakness in Malawi\u2019s kwacha currency against the U.S. dollar as well as changes in the cost of importing the fuel.<\/p>\n
\u201cSince the last review of the In Bond Landed Cost (IBLC) of petroleum products in November, 2016, the Malawi kwacha has depreciated by 0.06% from K733.50\/USD noted at the last price review in November 2016 to K733.95\/USD noted in June 2018,\u201d read the statement in part<\/p>\n
The Authority said the combined effect of the movement of import prices and the kwacha exchange rate against the dollar had increased the cost of petrol, diesel and paraffin.<\/p>\n
The kwacha has come under pressure partly from falling export revenue from the country\u2019s main crop, tobacco and general weakness in African currencies due to falls in commodity prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Mabvuto Banda: The Malawi Energy Authority (Mera) increased fuel prices late Monday, a move that is likely to push up commodity prices up in the country where food prices have already been on an upward spiral. The Authority said in a statement it had increased the pump price of petrol by 7.68 percent, diesel […]<\/p>\n","protected":false},"author":3,"featured_media":26739,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-68395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/68395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=68395"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/68395\/revisions"}],"predecessor-version":[{"id":68397,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/68395\/revisions\/68397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/26739"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=68395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=68395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=68395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}