Staff Reporter
FUEL will become more expensive from Wednesday allowing motorists a few days to fill up at a lower price.
The Ministry of Mines and Energy has announced that petrol prices will increase by 42 cents per litre, while both diesel variants (diesel 50ppm and diesel 10ppm) will increase by N$1.20 per litre.
The ministry explained that this is due to the fact that crude oil prices have experienced an upward trend due to various geopolitical and economic factors.
The Ministry of Mines and Energy elaborated that sanctions and geopolitical tensions affecting major oil-producing countries, along with OPEC+ production cuts, have led to a reduction in the global oil supply, contributing to higher fuel prices.
The current increased oil demand, particularly in the Northern Hemisphere due to winter effects, has also played a significant role in driving fuel prices up.
Furthermore, the weakening of the Namibian dollar against the US dollar has also contributed to rising prices.
Thus, in Walvis Bay, the price of petrol will be N$20.67 per litre, while diesel 50ppm will be N$20.92 per litre, and diesel 10ppm will be N$21.02 per litre. The National Energy Fund will absorb the remaining under-recoveries.
