Select Page

Fuel prices to increase in June

Fuel prices to increase in June

The Ministry of Mines and Energy on Friday announced that fuel prices will increase by 30 cents per litre in June. This will be the second month in a row that fuel prices increase.

“Included in the 30 cents per litre adjustments is 6 cents per litre for the dealer margin,” the Mines Minister, Tom Alweendo said in a statement.

Alweendo said the price for both diesel petrol will be raised by another 26 cents per litre to compensate for the under recovery brought on by the depreciation of the Namibian Dollar against the United Sates dollar from April to May.

The review of fuel prices are based on the trading cycle between April 26 and May 24.

“The average exchange rate between the two currencies for the trading cycle under review is: N$14.3518 per US$1. In contrast, the average exchange rate for April 2019 as a full month was: N$14.1400 per US$1. Therefore, the latest figure of N$14.3518 per US$1 indicates that the Namibian Dollar has depreciated against the United States Dollar. In other words it has become expensive or it costs a bit more to import fuel to Namibia,” the statement said.

At the end of April the price for petrol was increased by 70 cents per litre while 50 ppm diesel increased by 30 cents per litre.

As from next Wednesday fuel pump prices in Walvis Bay will be N$13.05 per litre for 95 Octane Unleaded Petrol while 50ppm Diesel will be adjusted upward to N$13.63 per litre. Fuel pump prices countrywide will be adjusted accordingly.

The decision indicates that the Ministry will not pass on the full under-recoveries to the consumers at the pumps. This means that the remaining portions of the under-recoveries will be paid to the oil companies from the coffers of the National Energy Fund on behalf of consumers, the Minister added.


 

About The Author

Intern

The Economist accommodates two interns every year, one per semester. They are given less demanding, softer issues to hone their skills, often with a specific leaning to social issues. Today, many of our interns are respected journalists or career professionals at economic and financial institutions. - Ed.

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.