Business

Motorist in the country have to dig deeper into their pocket if they want to purchase fuel following the news that Malawi Energy Regulatory Authority has hiked price of the commodity.

The news comes barely days after MERA dismissed speculations that went viral on the social media that the prices will go up.

According to the statement made available to FaceofMalawi, Petrol is now at K856.70 from K796.20 per litre, diesel has gone up from K805.50 to K865.90 per litre, while paraffin is now at K756.10 from K719.30 per litre.

The fuel price increase is effective November 8, 2014.

MERA says the increase in fuel prices is due to loss of value of the Malawi kwacha against the US dollar.

Currently the Kwacha is selling at K520 against a dollar and the Kwacha is expected to lose value further.

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Author: Robert Ngwira

Attended Our Future Private Secondary School in Rumphi from 2006-2009 Holder of Diploma in Journalism from Malawi Institute of Journalism (MIJ) Hobbies, reading newspapers, going out with friends, listening to radio and watching football. Email: info@faceofmalawi.com