Petrol, diesel prices up again
Fuel prices are going up at midnight tonight, the minister of mines and energy, Obeth Kandjoze, announced yesterday.
Pump prices will increase by 40 cents a litre for 95 Octane unleaded petrol and by 60 cents per litre for all grades of diesel.
The new Walvis Bay pump prices are: N$11.20 per litre for 95 Octane, N$11.23 per litre for Diesel 500ppm and N$11.28 per litre for Diesel 50ppm.
According to Kandjoze, the strength of the US dollar against the Namibian dollar is to blame.
“The average exchange rate moved up from N$13.14 to about N$13.55 per US dollar over the period reviewed. The depreciation of the Namibian dollar against the US dollar, coupled with the fact that there was no upward adjustment for October 2017 despite the under-recovery situation,” Kandjoze said.
Another justification for the price hike was that oil producers were not generating sufficient returns to encourage investment in the petroleum sector.
“The latest petroleum activities return report indicates that oil companies are failing to generate sufficient returns on their investments in the petroleum sector and there is a need to adjust their margins,” Kandjoze said.
OGONE TLHAGE
Pump prices will increase by 40 cents a litre for 95 Octane unleaded petrol and by 60 cents per litre for all grades of diesel.
The new Walvis Bay pump prices are: N$11.20 per litre for 95 Octane, N$11.23 per litre for Diesel 500ppm and N$11.28 per litre for Diesel 50ppm.
According to Kandjoze, the strength of the US dollar against the Namibian dollar is to blame.
“The average exchange rate moved up from N$13.14 to about N$13.55 per US dollar over the period reviewed. The depreciation of the Namibian dollar against the US dollar, coupled with the fact that there was no upward adjustment for October 2017 despite the under-recovery situation,” Kandjoze said.
Another justification for the price hike was that oil producers were not generating sufficient returns to encourage investment in the petroleum sector.
“The latest petroleum activities return report indicates that oil companies are failing to generate sufficient returns on their investments in the petroleum sector and there is a need to adjust their margins,” Kandjoze said.
OGONE TLHAGE
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