Malawi’s energy regulator has increased the price of petrol and diesel for the second time in four months, aiming to prevent fuel shortages and preserve scarce foreign exchange.
The cost of petrol has risen by almost 42% to 4,965 kwacha ($2.90) per litre, while diesel has increased by about 41% to 4,945 kwacha per litre.
This move is part of President Peter Mutharika’s efforts to turn around the country’s economic fortunes, which have been struggling with fuel shortages and economic hardship.
The Malawi Energy Regulatory Authority attributes the price hike to the previous government’s failure to adjust fuel prices, leading to insufficient imports and unpaid levies for road maintenance and rural electrification.
The artificial prices also created opportunities for smugglers, depleting the country’s foreign exchange resources.
