Fuel price to increase with 70 c/l in December 2021

26 November 2021 | Energy

Andreas Simon the senior public relations officer of the ministry of Mines and Energy, announced that the ministry had completed the fuel price review for December.

According to Simon, the ministry found itself at a crossroad during the review period and after exhausting all avenues and for the sake of keeping the NEF balance healthy, resolved to adjust the fuel prices for for petrol and diesel by 70 c/l effective from 1 December 2021.

The petrol pump prices in Walvis Bay (port of entry) will thus become N$15.65 c/l and that of diesel N$ 15.58 c/l. Fuel prices countrywide are expected to be adjusted accordingly and members of the public are encouraged to report any breach of this order, to the ministry of Mines and Energy.

Simon explained that after a series of OPEC meeting, members have still not agreed to increase supply to the market owing to prospects of surging Covid-19 cases which will supress demand.
“As a result, global oil prices remain high, although they fell slightly during the period under review. The price of refined petrol remains high, trading at an average of U$94 in November whereas diesel traded at an average of U$92.”

He added that the local currency depreciated slightly against the US Dollar from an average of N$14.85 in October to an average of N% 13.35 in the period under review. “Since fuel pump prices increased only minimally in November, in comparison to under-recoveries recorded the depreciation pushed up the under-recoveries brought forward from the previous month. An under-recovery of 110.063 cents per litre was recorded on UPL-95 petrol while 50-ppm diesel recorded an under-recovery of 106.902 cents per litre during the month of November. These under-recoveries will be paid by the National Energy Fund. Additionally, government through the National Energy Fund (NEF), fuel equalization mechanism will pay over N$154 million of under-recoveries recorded last month."

Simon said that the fuel price review process is one that requires a great understanding of forecasting since government cannot be too certain on how the market could perform in future. Government holds the position to ensure that an undue burden is not extended onto the Fund in order to safeguard its long-term sustainability and intend to end the year on a positive note and start 2022 on a positive note.”

Similar News

 

Namibia aims to become hydrogen superpower

1 week ago - 06 January 2022 | Energy

Johannesburg ∙ Elna Schultz "So now finally, we're on the map," says Philip Balhoa about Lüderitz, a town in southern Namibia, where harsh desert meets...

Fuel prices for January 2022 unchanged

2 weeks ago - 30 December 2021 | Energy

The petrol pump prices in Walvis Bay (port of entry) will remain N$15.68 per litre and the price of diesel will remain NS15.68 per litre....

Namibia’s hopes to strike oil renewed

2 weeks ago - 29 December 2021 | Energy

Swakopmund ∙ [email protected] Shell oil and gas company started drilling offshore Namibia on 8 December.The latest exploration exercise once again raised hopes that Namibia...

BESS to reduce major renewable energy expansion challenges

4 weeks ago - 18 December 2021 | Energy

A bilateral cooperation agreement between the Republic of Namibia and the Federal Republic of Germany through the KfW Development Bank has yielded a grant of...

Petrol, diesel prices rise again

2 months ago - 29 October 2021 | Energy

The Ministry of Mines and Energy announced that the price of petrol will increase by 50 cents per litre and that of diesel by 70...

Namcor oil storage report exposes shortcomings

3 months ago - 08 October 2021 | Energy

Windhoek ∙ [email protected] due diligence report sanctioned by the National Petroleum Corporation of Namibia (Namcor) as well as sensitive ministerial correspondence into the state of...

Fuel price increase could promote smuggling

3 months ago - 05 October 2021 | Energy

Windhoek ∙ [email protected] After the Ministry of Mines and Energy announced that fuel prices will increase by 30 cents per litre (c/l), people expressed...

Namcor oil storage report exposes shortcomings

3 months ago - 04 October 2021 | Energy

Windhoek ∙ [email protected] A due diligence report sanctioned by the National Petroleum Corporation of Namibia (Namcor) as well as sensitive ministerial correspondence into the...

Erongo RED explains tariff increase, resolutions taken

4 months ago - 16 September 2021 | Energy

Walvis Bay • [email protected] An electricity tariff increase of 1.7% has been in effect from July 2021 and runs until June 2022. More...

Fuel prices on the up

4 months ago - 30 August 2021 | Energy

The price of fuel will increase by 60 cents per litre for petrol and 30 cents per litre for diesel on Wednesday (1 September).According to...

Latest News

The Audi Q5, SQ5 Sportback

15 hours ago | Motors

Following the Q3 Sportback and the e-tron Sportback, Audi now presents its third crossover utility vehicle, the first-ever Q5 Sportback. This coupé with dynamic lines...

Drones delivering to your doorstep

15 hours ago | Technology

Windhoek • [email protected] Namibia will most likely start using drones to deliver medicine to remote locations within the next few weeks.This comes after a...

More than the absence of...

15 hours ago | Health

Ideally, it is a state of mental well-being in which people cope well with the many stresses of life, can realize their own potential, and...

Suspected avian flu being investigated

2 days ago - 14 January 2022 | Environment

Swakopmund • [email protected] Following a major outbreak of avian influenza in South Africa’s Western Cape a few months ago that killed almost 25 000...

Taxi-tariff guide gives legal footing

2 days ago - 14 January 2022 | Infrastructure

Walvis Bay • [email protected] The recently published taxi-tariff guide by the Namibia Bus and Taxi Association (Nabta) to accompany the official taxi-tariff hike...

Boggelrugwalvis spoel uit

2 days ago - 14 January 2022 | Picture of the day

'n Boggelrugwalvis het gister laatmiddag by Langstrand Uitbreiding 1 tussen Swakopmund en Walvisbaai uitgespoel. Volgens 'n inwoner het die dooie walvis met laegety teen 'n...

Van Walvis tot wêreldklas animasieregisseur

2 days ago - 14 January 2022 | Art and Entertainment

Windhoek ∙ [email protected] Die Namibies gebore Reginald Amukoshi Emvula was een van die regisseurs van die animasiefilm Encanto wat Maandagoggend die Golden Globe-toekenning vir...

Maybe I was wrong –...

2 days ago - 14 January 2022 | Police

Windhoek ∙ Mathias Haufiku Police chief Sebastian Ndeitunga yesterday said he might have acted ‘ultra vires’ when he issued an internal memo to...

Shangula lambasts anti-vaxxers

2 days ago - 14 January 2022 | Ministries

Health and social services minister Kalumbi Shangula has implored vaccine sceptics to abandon the anti-vaccine campaign and to join the nation to successfully fight Covid-19...

Load More