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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.


 

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