MERA made the announcement on Thursday night, hours after the Reserve Bank of Malawi announced a 44 percent devaluation of the local currency, Kwacha.

“MERA considered recent trends in the world petroleum products prices as well as exchange rate movements and their impact on energy prices.

“Pump prices are therefore adjusted upwards effective 10 November, 2023,” said Rackford Kampanje, MERA Board Chairperson.

The increase of fuel prices is just one of many effects of the devaluation as prices of many commodities are also increasing.

Castel Malawi is another company that has adjusted upwards prices of its products.

Economist Dr. Betchani Tchereni says the devaluation is a bitter pill to swallow.

He says although it will increase inflation among other negative results, it will unlock other opportunities such as the Extended Credit Facility.