Fuel prices to increase next Wednesday
01 Jun 2018 10:20am
WINDHOEK, 01 JUN (NAMPA) - Pump prices for petroleum products and all grades of diesel will increase by 60 cents per litre with effect from mid-night (00h01) on Wednesday next week.
The Minister of Mines and Energy, Tom Alweendo said in a media statement issued on Friday that the Walvis Bay price for 95 Octane Unleaded Petrol (ULP95-retail) will increase by 60 cents per litre to cost N.dollars 12.30 per litre.
Diesel 500 parts per million (ppm) and Diesel 50 ppm will also both increase by 60 cents per litre (wholesale) to cost N.dollars 12.63 per litre and N.dollars 12.68 per litre, respectively.
Pump prices across the whole of Namibia would be adjusted accordingly.
These increases for fuel pump prices will also include the Namibia Ports Authority's tariffs and the Road Fund Administration levies.
The Minister explains that the results of the latest fuel prices review indicate that the importers paid more than the prices set by the government to bring fuel products into the country.
According to him, the final figures recorded are way above the prices set by the government and these pricing under-recoveries are huge enough to trigger upward adjustments in the local fuel pump prices in order to create a balance between the government determined prices and the oil determined prices.