8th fuel price increase for 2021

29 November 2021 | Economics

PHILLEPUS UUSIKU

With few days left before the festive season, motorists will have to dig deeper in their pockets as they plan their holidays.

On Friday, the Ministry of Mines and Energy announced that both the price of petrol and diesel will increase by 70 cents per litre(c/l), effective 1 December 2021. This will be the eighth (8th) fuel price increase for 2021.

The adjustment will bring the total fuel price increases for 2021 to N$4.30/l for petrol and N$4.20/l for diesel. Earlier this month, the price of petrol increased by 50 c/l, while diesel increased 70c/l.

The transport category, which captures fuel, has the third largest weight of 14.28 points out of 100 in the Namibia Statistics Agency (NSA) consumer basket. That implies that, on average, for that N$100 that consumers have in the pockets, N$14.28 is likely to be spend on transport.

According to the ministry’s spokesperson, Andreas Simon, after a series of the Organization of the Petroleum Exporting Countries (OPEC's) meetings, members have still not agreed to increase supply into the market owing to prospects of surging Covid-19 cases which will depress demand.

As a result, global oil prices remain high, although they fell slightly during the period under review. Refined petrol remains high, trading at an average of US$94 in November whereas diesel traded at an average of US$92, he pointed out.

Furthermore, the local currency depreciated slightly against the United States (US) dollar, from an average of N$14.85 in October to an average of N$15.35 in the period under review. Since fuel pump prices increased only minimally in November, in comparison to the under-recoveries recorded, the depreciation pushed up the under-recoveries brought forward from the previous month, Simon said.

The petrol pump prices in Walvis Bay, which is the port of entry, will become N$15.65 c/l and diesel price will become N$15.58 c/l. Diesel will be up by nearly 37% from N$11.38/l last December.

[email protected]

Similar News

 

BoN kicks back on Global Finance rating

11 hours ago | Economics

PHILLEPUS UUSIKUThe D+ rating that the Bank of Namibia (BoN) governor, Johannes !Gawaxab, received in the Global Finance’s Central Banker Report Cards 2021, appears ‘fundamentally...

China cuts rates on policy loans

11 hours ago | Economics

China’s central bank on Monday unexpectedly cut the borrowing costs of its medium-term loans for the first time since April 2020, while some market analysts...

Uganda hit by fuel shortage

11 hours ago | Economics

Ugandans were struggling Monday with a fuel shortage that has sent prices skyrocketing, as hundreds of trucks remain stuck in huge tailbacks at the border...

Swapo sacrifices social cohesion

11 hours ago | Economics

Jo-Maré Duddy – “After three decades in political power, Swapo has wasted social capital and sacrificed the asset of social cohesion for short-term individual gains...

Covid-scarred economy riddled by risks

11 hours ago | Economics

Jo-Maré Duddy – Namibians entered 2022 tossing and turning about bleak prospects for jobs and a decent living: As the country enters its third year...

Global jobs recovery to take longer

11 hours ago | Economics

EMMA FARGEThe global job market will take longer to recover than previously thought, with unemployment set to remain above pre-Covid-19 levels until at least 2023...

Industrial policy meets African political realities

11 hours ago | Economics

Pritish Behuria - Since the 2008/09 global financial crisis, industrial policy has been widely celebrated as having become fashionable again. Joseph Stiglitz, Justin Yifu Lin...

Africa’s agrifood systems can thrive

11 hours ago | Economics

Lulama Ndibongo Traub, Edward Mabaya and Wandile Sihlobo - The year 2021 was one of critical conversations about global agrifood systems – the processes and...

Improve competitiveness to reduce poverty

1 day - 18 January 2022 | Economics

PHILLEPUS UUSIKUIf Namibia wants to avoid an increase in extreme poverty, competitiveness must improve. Namibia sees itself as victim of external threats and the evils...

China's birth rate at record low

1 day - 18 January 2022 | Economics

China's birth rate plummeted to a record low last year, official data showed Monday, as analysts warn that faster-than-expected ageing could deepen economic growth concerns.Beijing...

Latest News

Buying, selling a business as...

11 hours ago | Business

Audrey van Antwerpen – Many entrepreneurs at one stage or another consider buying or selling a business, especially in these challenging economic times.Where a business...

China cuts rates on policy...

11 hours ago | Economics

China’s central bank on Monday unexpectedly cut the borrowing costs of its medium-term loans for the first time since April 2020, while some market analysts...

Uganda hit by fuel shortage...

11 hours ago | Economics

Ugandans were struggling Monday with a fuel shortage that has sent prices skyrocketing, as hundreds of trucks remain stuck in huge tailbacks at the border...

EDITORIAL: Watch South Africa closely...

11 hours ago | Opinion

South Africa is at a tipping point, something Namibia, as a tiny neighbour, must watch closely. Systemic political corruption in which private interests have significantly...

Swapo sacrifices social cohesion

11 hours ago | Economics

Jo-Maré Duddy – “After three decades in political power, Swapo has wasted social capital and sacrificed the asset of social cohesion for short-term individual gains...

Covid-scarred economy riddled by risks

11 hours ago | Economics

Jo-Maré Duddy – Namibians entered 2022 tossing and turning about bleak prospects for jobs and a decent living: As the country enters its third year...

Global jobs recovery to take...

11 hours ago | Economics

EMMA FARGEThe global job market will take longer to recover than previously thought, with unemployment set to remain above pre-Covid-19 levels until at least 2023...

SPYL gives Sheya the cold...

11 hours ago | Politics

KENYA KAMBOWE RUNDUSwapo Party Youth League (SPYL) secretary Ephraim Nekongo says comments by former...

COMPANY NEWS IN BRIEF

11 hours ago | Business

Unilever faces a dilemmaUnilever faces a dilemma after its 50-billion-pound (US$68 billion) offer for GlaxoSmithKline's consumer healthcare assets was rejected.The bid for GSK's assets, including...

Load More