Malawi Energy Regulatory Authority (MERA) considered recent trends in the world petroleum products prices and changes in other macroeconomic fundamentals on the local market and their impact on energy prices.
PETROLEUM PRODUCTS INTERNATIONAL PRICES
In November 2018, the average FOB prices of Petrol, Diesel and Paraffin decreased by 19.60%, 16.09% and 13.63, respectively, when compared to the averages obtained in the month of October, 2018 used in determining the ruling pump prices.
EXCHANGE RATE MOVEMENT
Since the last review of the In Bond Landed Cost (IBLC) of petroleum products in November 2018, the Malawi kwacha has depreciated by 0.503% trading at K741.87/USD from K738.15/USD.
MERA assessed the combined effect of the movement of the FOB prices and exchange rate of the Malawi Kwacha to the US Dollar as well as changes in local factors that determine the maximum pump prices.
The MERA Board has therefore resolved that fuel pump prices be revised downwards effective 15th December 2018 as presented below:
All operators are required to sell petroleum products at prices not exceeding these maximum pump prices.
Rt. Rev. Dr. J.P. Bvumbwe Dr. Collins Magalasi
BOARD CHAIRPERSON CHIEF EXECUTIVE OFFICER
14th December, 2018 14th December 2018