Fuel prices to increase

30 June 2021 | Energy

The price of both petrol and diesel will increase by 40c per litre on Wednesday, 7 July at 00:00. The fuel pump prices (in Walvis Bay) will become N$13.55 per litre for petrol and N$13.58 for diesel.

The prices across the rest of the country will be adjusted accordingly.

According to senior public relations officer Andreas Simon of the ministry of mines, the National Energy Fund will cover the entirety of the under-recoveries (66c on petrol and 55c on diesel) recorded for June 2021 on behalf of fuel consumers through the equalization levy.

In a media release, Simon said that oil production discipline among OPEC members and other major oil producers on the supply side, coupled with a positive outlook on the demand side have ensured an upward trajectory for the prices of crude oil.

“A case in point is that the Russian Federation has been insisting on raising output further to avoid an increase in prices, but key OPEC producers like Saudi Arabia, have not yet given any clear signals on the next steps to be taken.”

He added that there is also growing consensus in the oil market that the movement in oil prices are inclined towards the upside as the global economy recovers from the pandemic.

“Also, stricter global environmental regulations aimed at curbing carbon emissions are also putting more pressure on oil investors and pushing the prices upwards in the process,” he said.

In the meantime, the ministry encourages fuel consumers to tighten their belts, as the country continues to manoeuvre through tough but manageable economic headwinds.

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