MME announces fuel price increase

The Ministry of Mines and Energy (MME) on Monday announced that the price of petrol and diesel will increase by N.dollars 1.20 per litre and N.dollars 1.70 per litre respectively from Wednesday.

MME Senior Public Relations Officer, Andreas Simon, stated that the fuel prices will be effective as of Wednesday, 06 September 2023. The new Walvis Bay pump price for petrol will thus be N.dollars 20.98 per litre, while the price of diesel 50ppm will be N.dollars 20.75 per litre and that of diesel 100ppm, N.dollars 20.95 per litre.

Fuel prices across the rest of the country will be adjusted accordingly and the National Energy Fund will absorb the entirety of the under-recoveries on behalf of fuel consumers through the fuel equalisation levy, Simon said.

“The ministry would further like to highlight that Namibia is a price taker in the international oil market, and actions or decisions that emanate from the supply forces such as OPEC+ have a significant impact on our local fuel prices,” he added.

Simon stated that the latest calculations by the ministry indicate that the average price of unleaded petrol 95 over August 2023 is at USD 110.507 per barrel, compared to USD 102.231 per barrel at the end of July 2023, indicating an increase of about USD 8 per barrel. Additionally, the average price of diesel 50ppm over August 2023 is USD 118.128 per barrel compared to USD 100.231 per barrel at the end of July 2023, a significant increase of about USD 18 per barrel, Simon said.

Source: The Namibian Press Agency