Namibia’s fuel price rose 30% since January
17 November 2021 | Energy
The year 2021 has been marked by several fuel price hikes, with information provided by the ministry of mines showing that prices have risen by at least 30% since the beginning of the year.
Diesel prices are up by N$3.50, from N$11.38 in January to N$14.88 per litre now.
The petrol price rose N$3.60 per litre, from N$11.35 in January to the current N$14.95.
Fuel prices started increasing in February when the ministry announced a 50-cent price hike for diesel and petrol respectively.
That was followed up by more fuel price hikes, with diesel increasing by 80 cents between March and February. The upward trend continued in April when a 50-cent price hike for both fuel types was announced by the ministry of mines.
There was some relief for motorists in May and June but that was short-lived, as fuel prices started picking up again July, with a 40-cent hike announced for both diesel and petrol.
August offered motorists some respite with no fuel price hikes announced by the ministry of mines.
The relief was once again short-lived, with fuel prices continuing on an upward trend for the month of September, with diesel increasing by 33 cents to N$13.88 and petrol by 57 cents to N$14.15 per litre.
Upward trend continues
A 30-cens hike was announced in October for diesel and petrol, bringing the price to N$14.18 per litre for diesel and N$14.45 per litre for petrol.
For November month, a 70-cent price hike was announced for diesel, bringing its price to N$14.88 per litre while petrol is up 50 cents to N$14.95.
Explaining the rise in fuel prices, the ministry of mines said: “Namibia is a price-taker in the international oil market. The country does not have crude oil resources and crude refineries of its own through which it can hedge against these oil price volatilities apart from the National Energy Fund fuel equalisation mechanism.”