Written by Angella Semu

LILONGWE-(MaraviPost)—Malawi Energy Regulatory Authority (MERA) has reduced oils prices following the impact of free on board (FOB) prices on the international market and exchange rates in the country.

In a statement signed by MERA executive director, Dr Collins Magalasi it has been disclosed that the authority made the price adjustments due to the negative impact of Covid-19 that has affected many sectors of the economy including the Liquid Fuels and Gas Industry.

The Authority has announced that it has granted a temporary increase of the retail margin by K3.00/litre which is subject to monthly reviews starting from 8th May, 2020 to allow retailers to recover the losses sustained as a result of downward pump price revisions.

The revised wholesale price for petrol is K612, 060 per 1000 litres, pump prices at K690.50 per litre and trading margin of K7844, for diesel wholesale price will be K586,360.00 per 1000 litres, retail pump price at K664.80 and trading margin of K7,844.00 and Paraffin going at K363,260.00 wholesale price per 1000 litres, K441.70 maximum retail pump price and K7,844.00 retail margin