Petrol up by 70c

Namibian motorists will see a 70c increase in petrol and a 20c increase in 50ppm diesel as of midnight tonight. The mines ministry announced the increase late yesterday afternoon and said it was necessitated by a 37% surge in oil demand which spiked the price of Brent crude oil to roughly US$80 per barrel during April. Coupled with a weak exchange rate of around N$14 to the US dollar, an increase in fuel prices had to be made. Moreover, the fuel levy has also increased by 6c to N$1.30 per litre.
The ministry said under-recoveries at 25 April were roughly N$1.14 per litre for petrol and 33c for diesel.
The new fuel prices, at Walvis Bay, will be N$12.75 a litre for petrol and N$13.33 for a litre of diesel.
STAFF REPORTER