Fuel prices on the up

Otis Daniels_Finck
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 a release by the Ministry of Mines, this increase comes amidst an uncertain future regarding further outbreaks of Covid-19 cases.

"Another factor weighing down on international oil prices, is the slowdown in the performance of the Chinese and American economies from a global oil demand outlook perspective," senior public relations officer Andreas Simon said.

He added that the Namibia dollar recorded a slight depreciation against the US dollar, which has a negative effect on increasing the under-recover level and decreasing the over-recovery level in the final Basic Fuel Price calculations.

"The latest calculations indicate an under-recovery of 101 cents on petrol and 42 cents on diesel," he said.

In conclusion, Simon said that local fuel consumers continue to pay some of the lowest fuel pump prices per litre in the Sub-Saharan African region.