Mera maintains pump prices
Malawi Energy Regulatory Authority (Mera) has maintained pump prices of petrol at K824.70 per litre, K815.80 per litre for diesel and paraffin at K648.70 per litre.
In a statement issued yesterday, Mera board chairperson the Reverend Joseph Bvumbwe said the average free on board (FOB) prices of all fuels increased when compared to averages obtained in October last year, which has been used to determine the current prices.
Reads the statement in part: “FOB prices of petrol, diesel and paraffin rose by 1.21 percent, 2.64 percent and 1.32 percent, respectively in the month of March 2017 when compared to FOB prices obtained in October 2016.”
The energy regulatory body said it assesed the combined effect of the movement of the FOB prices and exchange rate to the US dollar as well as changes in local factors that determine the maximum pump prices and noted that the landed cost of petrol, diesel and paraffin increased by 4.10 percent, 8.50 percent and 9.45 percent, respectively.
According to Mera, the changes in the landed costs qualified diesel and paraffin for an upward pump price adjustment but the board considered the accumulated Price Stabilisation Fund (PSF) balance in April 2017 and resolved to maintain fuel pump prices by covering in full In Bond Landed Cost (IBLC) increases through use of the PSF.
