Malawians have to dig deeper into the pocket following a decision by Malawi Energy Regulatory Authority (MERA) to hike fuel prices effective July 17, 2018.

MERA Chief Executive Officer Collins Magalasi disclosed the development on Tuesday in a statement made available to faceofmalawi.

According to Magalasi, petrol now will be selling K888 per litre from K824 per litre.

Diesel will be selling at K890.90 per litre from MK815.80 per litre while paraffin will be selling at K719.30 per litre from MK648.70 per litre.

Magalasi said MERA board decided to pass on only 50 percent of increases on pump prices to reflect the increased actual landed costs of petroleum products on the international market.

“The Board further resolved that the remaining 50% increase in landed costs be cushioned by the available funds in the PSF (Price Stabilization Fund),” reads the statement.

Prices of fuel have not risen in Malawi for almost two years.

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ZIMENE MUMAKONDA

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