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Fuel prices to increase again in December

Fuel prices to increase again in December

Fuel prices will increase by 70 cents per litre from 1 December due to a hike in global oil prices, the Ministry of Mines and Energy (MME) announced recently.

The price of gasoline at the pump in Walvis Bay will become N$16.65 per litre and the price of diesel will be increased to N$15.58 per litre, MME spokesperson Andreas Simon said, adding that fuel prices will be adjusted accordingly countrywide.

The oil subsidy becomes a heavy burden for the government’s National Energy Fund, which paid 110 Namibian cents per litre on gasoline and 106 Namibian cents per litre on diesel for consumers in November, Simon said. “This amounts to approximately over 154 million Namibia dollars”

The government has to ensure the long-term sustainability of the fund, he said.

OPEC and other oil-producing countries are set to meet on 2 December to discuss production policy for January and beyond, as the global oil prices surged to multi-year highs. West Texas Intermediate crude futures hit a seven-year high of USD84.65 in October.


 

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