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Fuel price hikes rock Namibia

Namibian motorists are facing a bleak festive season as the Ministry of Mines and Energy announced another steep fuel price hike that will take effect on Wednesday.Prices for 95 octane unleaded petrol will increase by 50 cents per litre, while diesel 500ppm and 50ppm will go up by 70 cents per litre.

Mines and Energy Minister Tom Alweendo said the latest increase is influenced by the global price per barrel of refined oil and the exchange rate between the Namibian dollar and the US dollar.

“There also remains a shortage of oil in the global market after Iran’s supply was reduced by sanctions imposed by the US. Whenever there is a shortage of supply in the market, prices of oil, naturally go up as they have been for the past seven months.

Month-to-month, the price of oil has remained stable at an average of $86 per barrel of refined petrol and $95 per barrel of refined diesel in October 2018. The exchange rate has, however weakened marginally from an average N$14.40 in September 2018 to an average of N$14.50 in October,” Alweendo explained.

Last month petrol and diesel prices increased by 50 cent per litre.

As of Wednesday, petrol at the main port of entry, Walvis Bay will cost N$13.95 per litre, diesel 500ppm N$14.48 while diesel 50 ppm will be costing N$14.53 per litre.

However, fuel is expected to be more expensive including in the capital Windhoek as the Mines and Energy Ministry emphasised that “fuel pump prices countrywide will be adjusted accordingly”.

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