Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Malawi hikes fuel and electricity prices after currency devaluation

    Malawi hikes fuel and electricity prices after currency devaluation

    November 12, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Malawi Kwacha devalued.

    Blantyre — Malawi will hike fuel and electricity prices effective Friday after the central bank devalued the local currency by about 30%, the country’s energy regulatory authority said late on Thursday.

    The Reserve Bank of Malawi devalued the kwacha currency’s exchange rate to the dollar earlier this week in a bid to prop up dwindling foreign currency reserves.

    The price for petrol would increase to 2,530 kwacha ($1.52) per litre from 1,746 kwacha per litre, while the diesel price has been increased to 2,734 kwacha per litre from 1,920 kwacha per litre, the Malawi Energy Regulatory Authority said in a statement.

    Citing the impact of the devaluation and high inflation, the regulator said it was also applying an over 40% tariff increase on electricity.

    In a notice to banks on its move to devalue the currency, the central bank said it was needed due to prevailing supply-demand imbalances in the currency market.

    The landlocked southern African country is one of the poorest in the world and has been battling severe medicine, fertilizer and fuel shortages due to limited foreign currency supply, resulting in long queues of motorists at fuel stations.

    The International Monetary Fund (IMF) said in September that it had reached an agreement with Malawi for a new loan of about $174 million to help the country recover from a series of shocks, including a devastating cyclone in March.

    The IMF board is set to consider the loan in mid-November. The IMF’s sign-off on it is contingent on Malawi’s external creditors committing to restructuring its debts.

    ($1 = 1,666.7300 kwacha)

    *Frank Phiri, Bhargav Acharya, editing: Christina Fincher – Reuters

    Related News

    Anzana Electric and AfDB power up Burundi’s energy future

    UK reaffirms support for Nigeria’s energy transition efforts

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    E-book
    Resilience Exhibition

    Latest News

    Navy destroys illegal oil storage pits in Delta creeks

    June 11, 2025

    Anzana Electric and AfDB power up Burundi’s energy future

    June 11, 2025

    South Africa’s April manufacturing output falls 6.3% y/y

    June 11, 2025

    UK reaffirms support for Nigeria’s energy transition efforts

    June 11, 2025

    Oando appoints Ayotola Jagun as Executive Director

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.