Price monster guzzles fuel

The annual inflation rate for petrol and diesel in Namibia last month spiked to 63.1% - up from 56.9% in June and 25.3% in July 2021, according to the Namibia Statistics Agency (NSA). The average price for a litre diesel in the North last month was N$20.90, while petrol cost N$21.94. In the central parts of the country, the average prices were N$22.07 and N$23.20 per litre respectively. In the rest of Namibia, it was N$22.71 and N$23.20 per litre respectively. The NSA’s latest trade statistics show the value of Namibia’s total petroleum oil imports in June was N$2.925 billion – up from N$2.735 billion the previous month and N$632 million in June 2021. Of the total petroleum oil imports in June this year, N$385 million was re-exported.