Petrol price hike

The mines and energy ministry has announced that fuel prices will increase on 6 September with a 30c increase per litre in all 95 unleaded petrol and all grades of diesel. In a statement issued moments ago the ministry said that the results of the latest fuel price review indicate that the average ‘free on board’ prices per barrel increased by about US$4 for ULP 95 and US$3 for both diesel grades. Barrel prices for refined oil traded at an average of US$65.696 for ULP95, US$ 62.603 and US$ 62.722 for Diesel 500ppm and Diesel 50ppm respectively. Calculations for the past month recorded under-recoveries on all the price-regulated petroleum products. The under-recoveries recorded are sufficient enough to trigger an increase in local pump prices.
Furthermore, although the average exchange rate remained stable at about N$13.2395 per US dollar over the period reviewed, the prices of fuel products were affected by an increase in barrel prices.
The under-recoveries ran into 47c for 95 octane unleaded petrol, 48c for diesel (500ppm) and 44c for diesel 50ppm.
STAFF REPORTER