September retail fuel prices to breach N$20 mark
The retail prices of petrol and diesel will increase on Wednesday. The prices of petrol will increase by 120 cents per litre and those of diesel by 170 cents per litre, the Ministry of Mines and Energy announced on Monday.
Petrol will now be pegged at N$20.98, while the price of diesel 50 ppm will be N$20.75 and that of diesel 10 ppm, N$20.95.
“The ministry recorded significant under-recoveries on petrol and both the diesel products, that is an under-recovery of 240 cents per litre on petrol and under-recoveries of 354 cents and 348 cents per litre on diesel 50ppm and diesel, respectively,” the ministry said.
Meanwhile, the ministry said the National Energy Fund will absorb the entirety of the under-recoveries on behalf of fuel consumers, through the fuel equalization levy.
