LILONGWE-(MaraviPost)-The Malawi Energy Regulatory Authority (MERA) has disclosed that the current fuel price increases is temporary as all factors are under control that only Middle East tension escalated the commodity’s prices hike.
MERA Acting Chief Executive Officer Dad Chinthambi told the news conference on Wednesday morning that the ongoing conflict at the Strait of Hormuz, which has disrupted global oil supplies.
Dad was reacting to the general public outcry of the Tuesday’s fuel prices hike at 35% as follows:Petrol: K6,672 per litre, Diesel: K6,687 per litre, Paraffin: K5,824 per litre, Jet A1 (KIA): K5,439 per litre and Jet A1 (BIA): K5,423 per litre
Chinthambi added that the price changes are attributed to rising import costs, market distortions, and currency fluctuations. “The current situation at the Strait of Hormuz has led to a surge in global fuel prices, impacting Malawi’s import costs,” he explained.
Chinthambi emphasized that the current review is temporary and subject to further adjustments.
“Once the situation stabilizes, MERA will use the Automatic Pricing Mechanism to review prices and make necessary adjustments accordingly,” he said.
MERA assures stakeholders that measures are in place to ensure sustained fuel supply.
Meanwhile, public transport has increased drastically.
