Fuel prices raised

Malawi’s fuel prices were raised by an average of 16 percent at the weekend, the second time in a year, prompting fears that commodity prices will also increase in a country that is already reeling from a high cost of living. PANA reported that the Petroleum Control Commission approved the increases because of the general trend on the global oil market which raised prices by 50 percent. Finance Minister Cassim Chilumpha was quoted as saying the government has bowed to pressure from the International Monetary Fund (IMF) to allow market forces to determine the prices of fuel. “This means any change in variables which affect the importation of fuel will automatically lead to an adjustment in the price structures,” Chilumpha said.