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Fuel price remain unchanged for now

Fuel price remain unchanged for now

Niël Terblanché

WITH the tax on fuel prices that have been adjusted upwards with 25 cents per litre, Namibian consumers could face a rise in fuel prices soon.
The Ministry of Mines and Energy in a statement said that over-recoveries on fuel sold over the past month will cover the rise in tax in the interim.
The Ministry Finance earlier this year decreed that the tax rate per litre of fuel be increased from 65 c/l to 90 c/l.
“As outlined in the national budget statement earlier this year, The Ministry of Finance has increased the gazetted fuel tax with 25 cents per litre from 65c/l to 90c/l on the 2nd of August 2019. The Ministry of Finance has autonomy over tax rate adjustments, hence the Ministry of Mines and Energy is currently compelled to increase the fuel tax by 25c/l effective from 1st of September 2019.
According to the statement over-recoveries normally trigger fuel price reduction but due to the fuel tax increase a reduction is currently not possible.
Because of the over-recovery the National Energy fund will absorb the increase in litre prices for in the interim and fuel prices will remain the same as before for September.
The pump price at Walvis Bay for 95 Octane Unleaded Petrol will remain at N$13, 05 per litre while 50 ppm diesel will remain at N$13, 63 per litre.

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