Winter arrives with fuel price increase
By Natasha Jacha
The Ministry of Mines of Energy announced that fuel pump prices in June will increase following the results of the latest fuel price review.
Fuel pump prices for June will increase at 00h01 on 6 June, the Mines and Energy Minister, Tom Alweendo said in a statement.
Fuel pump prices in Walvis Bay will increase as follows: 95 Octane Unleaded Petrol to increase by 60c/l, Diesel (all grades) to increase by 60c/l (wholesale).
Thus the new fuel pump prices in Walvis Bay will be: 95 Octane Unleaded Petrol, N$12.30/l, Diesel 500ppm, N$12.63/l, Diesel 50pm, N$12.68/l.
According to Alweendo the price review indicated that the oil importers paid more than the prices set by the government to bring fuel products into the country hence the fuel increase.
“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 pump prices in order to create a balance between the government determined prices and the oil market determined prices,” he added.
Meanwhile he said the National Energy Fund will step in to absorb about more than 25 % percent of the under-recoveries in order to offer partial relief to the consumers at the pumps.