MERA increases Fuel Prices, Electricity Tariff
Malawi Energy Regulatory Authority MERA has increased fuel prices and electricity tariff because of devaluation of Kwacha
Board chairperson of MERA Reckford Kampanje says petrol will now be selling at 2530 kwacha while Diesel at 2734 kwacha and electricity tariff has been adjusted from the current k123.26 to 173.70 per kilowatt
Meanwhile, Ministry of Trade and Industry has condemned manufacturers and traders who have taken advantage of the devaluation of kwacha to increase prices of goods and services unreasonably
According to Dr Kampanje the loss of value of the local currency from from 1180 to 1700 kwacha to a dollar has resulted into a 40.92 percent electricity tariff increase
MERA board chair has advised all operators to sell petroleum products at the current maximum pump prices
Secretary for Trade Christina Zakeyo says some traders have even temporarily closed their businesses to adjust prices for old stocks that were already in the shelves and warehouses before devaluation
She says holding of goods and services to increase prices is unacceptable against consumers and excessive prices are a gross violation of competition and fair trading act.
In dealing with such malpractices the ministry in conjunction with competitions and fair trading commission will intensify market surveillances on prices to establish evidence of possible violation of the act.
They have warned the suppliers of goods and services that will not hesitate to take necessary action to deal with traders found engaging in such malpractices
In August 2023 MERA approved and granted ESCOM a 50.8 percent base tariff increase for the period of 2023 to 2027
The first year tranche of 18 percent which became effective on 1st September moved the average tariff from 104. 46 to 123.26 per kilowatt
