Fuel price increase next week
01 Sep 2017 14:50pm
WINDHOEK, 01 SEP (NAMPA) - Pump prices for petrol and diesel will increase by 30 cents per litre on Wednesday.
Minister of Mines and Energy, Obeth Kandjoze said in a media statement issued on Thursday the Walvis Bay price for 95 Octane Unleaded Petrol (ULP95) will increase by 30 cents per litre to cost N.dollars 10.80 per litre.
Diesel 500 parts per million (ppm) and Diesel 50 ppm will both increase by 30 cents per litre (wholesale) to cost N.dollars 10.63 per litre and N. dollars 10.68 per litre, respectively.
Pump prices across Namibia would be adjusted accordingly.
Kandjoze said the basic fuel price unit rate slate calculations for the past month recorded under-recoveries on all the price regulated petroleum products.
The under-recoveries recorded are sufficient enough to trigger an increase in local pump prices, he added.
Kandjoze further explained that despite the exchange rate stability in the financial markets, the prices of fuel products were affected by an increase in barrel prices.
Namibian pump prices for petrol and diesel remained unchanged in August after decreasing by 50 cents on 05 July 2017.