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Fuels prices go up again

Fuels prices go up again

Motorists will have to fork out an extra 25 cents per litre following the fuel price adjustments made by the Ministry of Mines and Energy, which came into effect on 1 August.

The new fuel pump prices are as follows: 95 octane unleaded Petrol, N$12.55; diesel 500ppm, N$12.88 and diesel 50ppm, N$12.93

According to the ministry the results of the latest fuel price review indicate that the oil importers paid more than the prices set by the government to bring fuel products into the country.

“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

cost-recovery equilibrium in the local market,” the Minister of Energy, Tom Alwendoo said in a statement.

However he said that the under-recoveries will be wholly absorbed by the National Energy Fund (NEF) on behalf of consumers. In June the NEF also financed the entire under-recovered amount on behalf of fuel consumers in the country.


 

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