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Fuel prices to increase in May

Fuel prices to increase in May

The Ministry of Mines and Energy announced that the fuel prices for May will increase as of midnight 2 May.

The new price of 95 octane unleaded petrol will increase by 70 cents to N$12.75 per litre while diesel 50ppm prices will increase by 20 cents to N$13.33 per litre.

According to Minister Tom Alweendo, the fuel price increase comes after the demand in the global oil market has picked up by 37%, thereby triggering an increase in Brent Crude oil price.

“The most affected product in terms of this demand-driven sharp increase is gasoline (petrol). The average price per barrel for petrol jumped from US$72 in March to US$80 in April. The Diesel price has not taken up a big jump in the period under review. It increased slightly, from an average of US$80 per barrel in March to an average of US$82 in April. As a result, petrol pulled through the month of April with high under-recoveries compared to diesel,” Alweendo said.

Meanwhile, the Road Fund Administration fuel levy is adjusted with 6c/l from N$1.30 per litre to N$1.36 per litre in line with the annual inflation levy figure, effective from 2 May.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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