Fuel prices slashed

Fuel pump prices in Malawi have gone down, barely two months after they were adjusted upward.

Petrol is now at K441.10 from K490, diesel is down to K445.60 from K475 while paraffin is at K171 from K188.

The Malawi Energy Regulatory Authority-MERA announced in a statement that the new prices were effective on Thursday, July 5.

MERA says the reduction has been made in regard to the recent trends in the world petroleum products prices and other macroeconomic fundamentals.

“Since the last pump price revision of 11th May 2012, the prices on the international market have declined by 10.82%, 10.42% and 10.69% on petrol, diesel and paraffin, respectively,” reads the statement.

Consumer rights campaigners have since advised people to demand price reduction of goods and services following the reduction of pump fuel prices in the country.

Consumer Association of Malawi Executive director John Kapito said “the component of fuel price reduction should be reflected in the charging of goods and services on the market.”

“Traders are slow in responding to reduction of prices as compared to when there is a rise in pump prices.”

He therefore indicated that “if consumers start pushing for the reduction of prices, his organization will try to joining them in the campaign.”