Malawi Energy Regulatory Authority MERA has reduced fuel prices effective 15 December 2018.
The reduction comes a month after MERA increased the fuel prices which was criticized by several critics.
In its press statement co-signed by MERA board Chairperson Dr Joseph Bvumbwe and its Executive Director Dr. Collins Magalasi, the downward slash of fuel prices has come due to changes in the world petroleum products prices and changes in other macroeconomic fundamentals on local market.
“MERA assessed the combined effects of exchange rate of Malawi kwacha to the US dollar as well as changes in local factors that determine the maximum pump prices,” Collins and Bvumbwe said
Meanwhile, vice President who is also president of UTM Dr Saulos Chilima has expressed dissatisfaction with the fuel price reduction rate.
Speaking during a rally at Masangano ground, Traditional Authority Kalumo in Ntchisi district, Chilima said the reduction is just too minimal and does not match the global market.
Chilima further said that the prices have gone down because he had been pushing for the reduction when the prices went up.
He said it is his wish to see the prices going down further.