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Fuel price to remain unchanged in June

Fuel price to remain unchanged in June

Following relatively low under-recoveries of 49 cents on petrol and an under-recovery of 23 cents on diesel in May, the Ministry of Mines and Energy has decided to keep the fuel pump prices for June unchanged while still accommodating the Road User Levy increase of 7 c/l, effective 01 June.

The fuel pump prices nationwide will remain N$13.15 per litre for petrol and N$13.18 per litre for diesel.

During May, the per barrel prices of petrol across the international product market have increased from about USD73.95 to about USD76.58 while those of diesel increased from about USD67.60 to USD72.78 during the current review.

An increase in international barrel prices usually implies a negative effect on the final outcomes of the fuel price calculations.

Furthermore, the Ministry of Finance has approved an increase of 7 c/l in the Road User Levy on fuel which is collected by the Road Fund Administration for road infrastructure financing. The Road User Levy on both petrol and diesel is currently at 141 c/l. The approval of the Ministry of Finance means that the new levy will become 148 c/l.

Andreas Simon, spokesperson of the ministry said that through its fuel equalization levy, the National Energy Fund will cover the entirety of the under-recoveries recorded for the month of May 2021 on the behalf of fuel consumers.

“Despite the uncertain times that are currently prevailing in the oil market, the Ministry remains steadfast in its ongoing resolve to at all times put first the interests of Namibian fuel consumers,” Simon said.


 

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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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