Fuel unchanged, but RFA levy increased

28 May 2021 | Energy

While the energy ministry announced that fuel prices for June remain unchanged, the finance ministry approved an increase of 7c/l in the Road User Levy on fuel, which is collected by the Road Fund Administration for road infrastructure financing.

This levy for both petrol and diesel currently stands at 141 c/l. The approved rate of 148 c/l is effective on 1 June 2021.

In a media release by the Ministry of Mines and Energy, senior public relations officer Andreas Simon said that oil prices will continue to remain sensitive due to uncertainties surrounding the Iran nuclear negotiations with the United States, as well as the Covid-19 restrictions in Asia.

"The Iranian nuclear deal might include the lifting of oil sanctions on the Islamic country. This has the potential to increase oil supplies into the global market, pushing prices down in the process, as suppliers are forced to compete for consumers of their products."

He said that in addition, Covid-19 cases are still creating major challenges in some parts of Asia, meaning that the oil demand in this key region is not yet expected to recover to its optimal levels in the foreseeable future.

“Furthermore, the exchange rate has seen another appreciation of the N$ against the U$, at roughly N$14.14 per U$ in May, versus the average exchange rate for April. During May, the per barrel prices of petrol increased from about U$73.95 to about U$76.58, while diesel increased from around U$67.60 to U$72.78 during the current review,” Simon said.

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