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Fuel prices to increase

Fuel prices to increase

Staff Reporter

A SECOND increase in fuel prices this year where the COVID-19 pandemic has already sowed destruction will see the price of consumable good increase significantly.

 

The Ministry of Mines and Energy (MME) has announced an increase in the fuel price that will come into effect on the first Wednesday of September. The pump price for petrol will increase by 30 cents per litre while diesel will see an increase of 15 cents per litre.

 

The energy ministry in an official statement said that the main factors influencing the increase are the international cost in the import of refined petroleum products and the continued poor performance of the Namibia Dollar against the United States Dollar.

 

“The objective of the upward adjustment of fuel prices is to ensure that the fuel pump price is at all times reflective of the import price and to do so in an orderly manner.

 

According to the statement changes in the international price and the exchange rate during the month of August Namibia recorded an under-recovery of 26.303 cents per litre for 50ppm diesel and 61.940 cents per little for 95-octane petrol.

 

“It will be recalled that during the month of July 2020 we recorded a much larger under-recovery of 164.936 cents per litre for diesel and 204 .206 cents per little for petrol.

 

In this regard pump prices in Walvis Bay will increase to N$11, 65 per litre of petrol and N$11, 98 per litre of diesel. The pump prices will be adjusted accordingly across Namibia.

 

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