Dramatic increase in fuel prices

26 February 2021 | Energy

The Ministry of Mines and Energy announced that the price of both petrol and diesel will increase by 80c at 00:01 on 3 March.
The new fuel prices in Walvis Bay will be N$12.65 per litre for petrol, and N$12.68 for diesel. The prices across the rest of the country will be adjusted accordingly.
In a statement by the ministry’s senior public relations officer Andreas Simon, it was said that the ongoing international roll-out of Covid-19 vaccines and the subsequent reopening of the global economy, has had major impacts on the oil market, with the demand for oil expected to continue to outweigh oil supplies. “This means that if global oil stocks continue to remain steady over the coming months, refined oil prices will probably hit U$68 per barrel as early as next month and as high as U$72 in the next three months,” Simon said.
Furthermore, “although the exchange rate has seen an appreciation of the Namibia dollar against the US dollar, the increases in barrel prices have implications for local oil consumers”.
Simon added that the current review has an under-recovery of about 109 cents on petrol and about 111 cents on diesel. “These under-recoveries indicated that the current pump prices do not reflect the actual prices in the market. It must be noted that the National Energy Fund has funded these under-recoveries recorded in January to the tune of N$122 million. In addition, the Fund will have to avail about N$98 million to finance the under-recoveries recorded in February.”

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