As the Covid-19 pandemic continues to affect most sectors of the economy in Malawi, the Malawi Energy Regulatory Authority (Mera) has said fuel demand has gone down by 15%.

“Demand has also gone down in Malawi. Our estimate is that demand has gone down by 15%, largely because construction works have slowed down,” Mera Chief Executive Officer, Collins Magalasi. On the other hand, Magalasi outlined that the country had stocks that could cover 89 days for diesel, 39 days for petrol and 99 days for paraffin.

Globally, oil demand has slumped by about 30% as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally. On Monday this week, Brent crude was up 19 cents, or almost 1 percent, at $31.16 a barrel by 1216 GMT, while US West Texas Intermediate crude rose 38 cents, or 1.5 percent, to $25.12. Both contracts had fallen more than $1 earlier in the session.