Almost a month into the fuel hike in November, Malawi Energy Regulatory Authority has retracted its announced prices and has lowered them, effective 15th December.
The short lived November prices had announced 3.93% increment for Paraffin but there has been a 0.4% slash, while the previous increase of Diesel by 5.86% has been slashed to 4.12% for Diesel. 6.20% was Petrol’s hike in November, now slashed to 6.75%.
The new prices, therefore, are as follows; Petrol is now being sold at K923.50 from K990.30, Diesel is at K946.60 from K990.40 while Paraffin is now at K781.50 from K785.00.
The November hike was called unreasonable, as it was contrary to the rest of the African states that were lowering their fuel prices. Regardless of the recent price readjustment, some Government officials have argued that the prices could go lower, as economists have noted that since the new prices are not so different from the prices before the November hike, Malawi has not exactly had a fuel price decrease.