Fuel prices up this week

04 July 2016 | Energy

Fuel prices will go up again on Wednesday, the Ministry of Mines and Energy has announced.
As of Wednesday at 00h01, the new pump prices at Walvis Bay for 95 Octane unleaded petrol will be N$10.94 per litre.
That is a 30 cents per litre increase in the retail price, while the wholesale price of all grades diesel will rise by 50 cents per litre.
That leaves diesel 500ppm at a Walvis Bay pump price of N$10.62 per litre, while diesel 50ppm will rise to N$10.67 per litre. In announcing the new prices, Minister of Mines and Energy Obeth Kandjoze said global oil inventories had dropped by 10 million barrels since May, resulting in higher pricing for all regulated hydrocarbons.
This, in turn, resulted in under-recoveries in the ministry’s June calculated Basic Fuel Price (BFP) unit rate slate calculations.
“The under-recoveries recorded are sufficient to trigger an increase in local pump prices,” Kandjoze said.
“However, the National Energy Fund will have to absorb about N$0.04 per litre for ULP95 (unleaded petrol), and N$0.28 per litre for both diesel grades of these under-recoveries by compensating fuel importers, to spare motorists the full cost of the price increase,” he said.

STAFF REPORTER

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