Malawians should brace for an increase in fuel pump prices to be effected soon.

Minister of Energy Ibrahim Matola disclosed this during a ‘Government Faces the Press’ briefing held on Wednesday in Lilongwe.

He said: “To ensure that prices of fuel do not change frequently, there is a Price Stabilisation Fund (PSF) which collects 5% of the landed costs of petroleum products.

“The pricing model used for fuels is based on one month minus one principle, meaning the average of prices inform the basis of pricing in the next month.”

Matola, who was accompanied by government spokesperson Gospel Kazako, alongside Malawi Energy Regulatory Authority (MERA) Chief Executive Officer Henry Kachaje, said authorities will soon announce the new fuel prices citing the ongoing Russia-Ukraine war as a major contributing factor.

He said since the war between Russia and Ukraine started a month ago, the world has experienced a steady surge in fuel prices.

“Russian President Vladimir Putin has directed that all countries who want to procure fuel from his country should do by using the Russian currency, and this has resulted in countries failing to procure the product,” said Matola.

The Energy Minister has however assured people not to panic saying the country has enough fuel in stock.