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

Similar News

 

End of NamPower monopoly nears

2 days ago - 12 December 2017 | Energy

OGONE TLHAGE - The government is forging ahead with a plan that will effectively bring NamPower’s monopoly to an end. As it stands, the single-buyer...

Social impact assessment for Baynes incomplete

1 week ago - 06 December 2017 | Energy

OGONE TLHAGE A social impact assessment still needs to be completed before the governments of Namibia and Angola can go...

Power imports cost N$9b

1 month - 02 November 2017 | Energy

NamPower has paid over N$9 billion for electricity imported from elsewhere over the last five years.The country will remain a net importer until a base-load...

Petrol, diesel prices up again

1 month - 31 October 2017 | Energy

Fuel prices are going up at midnight tonight, the minister of mines and energy, Obeth Kandjoze, announced yesterday. Pump prices will increase by 40...

Namcor to present revised fuel import business case

1 month - 19 October 2017 | Energy

The Namibia Petroleum Corporation has reworked elements of its business case to have 50% of its fuel import mandate reinstated.Speaking to Market Watch this week,...

Gas demand will surge

1 month - 19 October 2017 | Energy

STAFF REPORTERThe 19th ministerial meeting of the Gas Exporting Countries Forum (GECF) convened in Moscow in Russia earlier this month, led by the forum chairman,...

Arandis Power remains patient

1 month - 18 October 2017 | Energy

Ogona Tlhage - Arandis Power might just be one of the most patient and persistent prospective power producers yet, having made multiple unsolicited offers to...

Lüderitz becomes wind farm mecca

2 months ago - 04 October 2017 | Energy

The construction of the five-megawatt, N$180-million Ombepo wind farm has sparked renewed interest in the southern coastal town of Lüderitz according to town CEO, Aunie...

High power tariffs questioned

2 months ago - 22 September 2017 | Energy

Residents of Otjiwarongo in the Otjozondjupa Region have called on the government to revisit its policies and laws regulating electricity tariffs.The Central North Regional Electricity...

Equatorial Guinea takes off with LNG

2 months ago - 20 September 2017 | Energy

The ministry of mines and hydrocarbons, representing the government of Equatorial Guinea, has signed a memorandum of understanding (MoU) with the government of Burkina Faso...

Latest News

Township deal 'none of your...

20 hours ago | Government

President Hage Geingob yesterday told journalists that he was not going to entertain questions about his private business and how much he made from selling...

NSFAF to lose parastatal status

20 hours ago | Government

The government is contemplating plans to return the embattled Namibia Students Financial Assistance Fund (NSFAF) to the Ministry of Higher Education, Training and Innovation. ...

Geingob defends Noa

20 hours ago | Government

President Hage Geingob yesterday leapt to the defence of Anti-Corruption Commission (ACC) director-general Paulus Noa, while defending his administration's record on curbing corruption. Geingob...

Pilchard moratorium too little, too...

20 hours ago | Fishing

A three-year moratorium on pilchard fishing introduced this week came ten months after the fisheries minister had announced a controversial and defiant 14 000-ton pilchard...

Okombahe bakery now operational

20 hours ago | Business

A bakery project started for youth empowerment at Okombahe in Erongo Region started operating on Wednesday. Speaking to Nampa upon enquiry on Friday, bakery...

Keep an eye out for...

20 hours ago | Banking

The Bank of Namibia is warning bank customers to take stock of unauthorised debit orders and report such deductions as soon as they are detected.Debit...

Big changes coming at Health

20 hours ago | Government

Health minister Bernhard Haufiku yesterday said massive administrative changes could be expected at the beleaguered ministry, including the complete overhaul of the Central Medical Store...

No listeria fears for Namibia

20 hours ago | Health

Namibia is safe from contaminated food products which have caused an outbreak of listeria in South Africa and caused the death of at least 37...

No standoff here, says Kauta

20 hours ago | Government

The board chairperson of the National Petroleum Corporation of Namibia (Namcor), Patrick Kauta, says there was no ministerial influence or any other implied personal considerations...

Load More