“Oil prices getting lower..” tweets President Donald Trump, celebrating the fuel prices review from Saudi Arabia, on Tuesday, 20th November. However, Malawi is on the contrary; the Malawi Energy Regulatory Authority (MERA) has announced 3.93% increment for Paraffin, a 5.86% for Diesel and 6.20% for Petrol.
According to the MERA press release, the price review has been due to the 0.58% depreciation rate of the Malawi Kwacha and the almost 4% increment of Freight on Board (FOB) prices for both diesel and paraffin. Adding to that, the press release says the ‘changes in local factors’ have contributed to the price hike.
The new prices, effective 22nd November 2018, are as follows; 990 per litre for Petrol, 990.40 per litre for Diesel and 785.00 for Paraffin.
The hike counts as the fourth hike, after March, July and October this year .