Fuel prices to increase

The country has largely started to open up internally, fuel consumption volumes have started to rise again.

04 August 2020 | Business

The levy on fuel products which is collected by the Road Fund Administration will be adjusted by 5 cents per litre from the 5Th of August midnight. Ministry of Mines and Energy (MME).

The Ministry of Mines and Energy (MME) has announced an increase on fuel prices countrywide effective from 05 August.

The price of 95 octane petrol will increase by 100 cents per litre to N$ 11.35 while the price of diesel 50ppm will increase by 70 cents to N$ 11.83 per litre.

A media statement issued by the ministry on Friday stated that the adjustment was made after calculations done on 24 July indicated under-recoveries on petrol and diesel on the Basic Fuel Price ‘import parity price’ landed in Walvis Bay.

Additionally, it was done taking into account the need to ensure the orderly transportation of fuel products into the country.

Adjustments

The statement further noted that the three-month dealer margin for fuel service stations which was adjusted by 50 cents per litre in May as part of a relief measure for station owners due to the lockdown and decrease in economic activities, has been discontinued.

“Now that the country has largely started to open up internally, fuel consumption volumes have started to rise again going from about 56 million litres to 80 million litres per month in consumption and although this is not the usual peak of demand, the situation has improved drastically,” the ministry noted.

The Ministry of Finance has also approved a 4 per cent adjustment of the Road User Charges, which are part of the price of fuel products, according to MME.

“To that end, the levy on fuel products which is collected by the Road Fund Administration will be adjusted by 5 cents per litre from midnight, 05 August, an increase to 141 cents per litre from the previous 136 cents per litre.” - Nampa

Similar News

 

Santam to process lockdown claims

3 hours ago | Business

Jo-Maré Duddy - Santam will commence the process of assessing and processing claims for all commercial policies with contingent business interruption (CBI) extensions in addition...

I owe GIPF nothing – Haikali

15 hours ago | Business

STAFF REPORTERWINDHOEKBusinessman Ranga Haikali on Friday said he owes no money to the Government Institutions Pension Fund (GIPF) from the fund’s ill-fated Development Capital Portfolio...

New Shell service station opened at Oshakati

15 hours ago | Business

PHILLEPUS UUSIKUThe new Oshakati Shell opened its doors over the festive season to an expecting public. With refuelling and eating options, the new Shell facility’s...

SA’s Mr Price posted a 5.8% rise in retail...

15 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

MTC records 2.66 percent increase in revenue

15 hours ago | Business

Mobile Telecommunications Company (MTC) on Thursday announced a 2.66 percent increase in revenue from N$ 2.613 billion recorded in 2019 to N$ 2.683 billion in...

SA’s Mr Price posted a 5.8% rise in retail...

15 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

COMPANY NEWS IN BRIEF

15 hours ago | Business

Volkswagen profit drops by half in 2020Volkswagen said its 2020 adjusted operating profit nearly halved but said its car deliveries had recovered strongly in the...

Volkswagen South Africa tops passenger car market

15 hours ago | Business

Despite a year that was severely affected by the Covid-19 pandemic, Volkswagen Group South Africa (VWSA), which consists of the Volkswagen passenger cars and commercial...

Heineken South Africa to cut jobs

3 days ago - 22 January 2021 | Business

The South African arm of Heineken will cut 70 jobs and put new investments on hold in the country due to the significant impact of...

President parks Namdia report

3 days ago - 22 January 2021 | Business

OGONE TLHAGE AND MATHIAS HAUFIKUState House this week floundered on questions why President Hage Geingob has not acted on a damning report dragging two former...

Latest News

Nam has exhausted 75% of...

15 hours ago | Economics

PHILLEPUS UUSIKUAccording to the World Bank’s 2020 Doing Business Report, Namibia’s ranking has deteriorated significantly in the last decade, falling from 66th place in 2010...

New year, same old auction...

15 hours ago | Fishing

MATHIAS HAUFIKUWINDHOEKTroubled state-owned fishing company Fishcor hoped to have secured N$33 million in an auction of fishing quotas whose bids closed on Friday, in part...

Govt backs Recon’s Kavango oil...

15 hours ago | Energy

KENYA KAMBOWEKAWEDespite a number of objections against the planned oil and gas exploration at Kawe village in the Kavango East Region, the government has given...

I owe GIPF nothing –...

15 hours ago | Business

STAFF REPORTERWINDHOEKBusinessman Ranga Haikali on Friday said he owes no money to the Government Institutions Pension Fund (GIPF) from the fund’s ill-fated Development Capital Portfolio...

New Shell service station opened...

15 hours ago | Business

PHILLEPUS UUSIKUThe new Oshakati Shell opened its doors over the festive season to an expecting public. With refuelling and eating options, the new Shell facility’s...

SA’s Mr Price posted a...

15 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

MTC records 2.66 percent increase...

15 hours ago | Business

Mobile Telecommunications Company (MTC) on Thursday announced a 2.66 percent increase in revenue from N$ 2.613 billion recorded in 2019 to N$ 2.683 billion in...

SA’s Mr Price posted a...

15 hours ago | Business

South Africa's Mr Price on Friday posted a 5.8% rise in third-quarter retail sales, supported by Covid-19 relief packages and demand for household items as...

Heavy rain, flooding expected this...

15 hours ago | Weather

ELLANIE SMITWINDHOEKThe weather bureau has warns that heavy rain with localised flooding is likely in the Omaheke Region tomorrow.This will spread to the central-northern areas,...

Load More