Fuel prices up again
02 September 2020 | Energy
The minister of mines and energy Tom Alweendo said that two main factors that contribute to the fuel prices are the cost of refined petroleum products on the global market and the exchange rate.
Alweendo pointed out that the price of petroleum products have remained stable in the past month, but have increased while the Namibia dollar (N$) weakened to the US dollar (USD).
“Due to these changes, an under recovery of 26.303c per litre for 50ppm diesel and 61.940c per litre for 95-octane petrol were recorded in August 2020, after an even greater under recovery in July 2020,” the minister said.
However, the minister said government would not pass the full burden of the under recovery onto consumers, but that fuel prices would increase at midnight on Wednesday.
The new prices at Walvis Bay (port of entry) are thus N$11.65 per litre of petrol and N$11.98 per litre of diesel. All prices countrywide will be adjusted accordingly.