Regulator Hike Fuel Prices in Namibia

Regulator Hike Fuel Prices in Namibia ( News Central TV)

Namibian motorists will from today Wednesday, 6 October 2021 pay 30 cents a litre more for petrol and diesel. The Energy ministry has announced petrol and diesel price adjustments bringing petrol to N$14.45 per litre and diesel to N$14.18.

The energy ministry’s spokesperson, Andreas Simon, said the decision was taken as a result of an under-recovery of 48.975 cents/litre recorded on petrol while 50ppm diesel recorded an under-recovery of 37.809 cents/litre.

He said, “Owing to a series of events, first of which was a hurricane storm in the Gulf of Mexico, then uncertainties around the outcome of Opec+ meetings, and lastly the looming global energy crunch, as China continues to grapple with energy supplies, as well as some countries in Europe.

Your Friends Also Read:  President Salva Kiir Announces New South Sudan Parliament

International prices for refined petroleum products have been fluctuating significantly during the period under review”

The average price of refined petrol per barrel increased by $3, from $82 in August to $85 in October, while the average price of refined diesel increased by $4, from $75 in August to $79 in September.

“The hurricane storm in the Gulf of Mexico has disrupted supply by damaging some of the oil facilities in that region. Moreover, OPEC-plus is still struggling to ramp up oil supply to agreed levels so as to match demand as the global market emerges from the Covid pandemic. This has left a shortage of supply in the market and increased the oil prices as a result,” Simon noted.

Your Friends Also Read:  US regulators mandate improvements to Boeing 737 after crashes

The local currency appreciated against the US dollar, from an average of N$14.77 in August to an average of N$14.42 in September 2021.

Simon explained, “This has helped keep the recorded under-recoveries lower than they would have been if it remained the same.”

Although the Namibia dollar slightly strengthened against the US dollar in September, global oil prices have risen and in recent weeks oil prices reached multi-year highs and the Namibia dollar’s strength was insufficient to avoid the price increase.

Petrol in Namibia is N$2.99 a litre cheaper, while diesel is N$0.63 a litre cheaper than in South Africa.

Leave your vote


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Demonstrators killed in Sudan as military breaks sit-in

Contact: digital@newscentral.ng

Total
12
Shares
Previous Article

WHO Endorses First Malaria Vaccine for Children

Next Article
Namibia launches New Investment Vehicle to Protect Mineworkers (News Central TV)

Namibia Launches New Investment Vehicle to Protect Mine Workers

Related Posts

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.