Fuel prices to increase next week

 Fuel prices to increase next week
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The Ministry of Mines and Energy (MME) has announced an increase on fuel prices countrywide, effective 5 August.
The price of 95 octane petrol will increase by 100 cents per litre to N$11,35 while the price of diesel 50ppm will increase by 70 cents to N$11,83 per litre.
A media statement issued by the ministry on Friday stated that the adjustment was made after calculations done on 24 July indicated under-recoveries on petrol and diesel on the Basic Fuel Price ‘import parity price’ landed in Walvis Bay.
Additionally, it was done taking into account the need to ensure the orderly transportation of fuel products into the country.
The statement further noted that the three-month dealer margin for fuel service stations which was adjusted by 50 cents per litre in May as part of a relief measure for station owners due to the lockdown and decrease in economic activities, has been discontinued.
“Now that the country has largely started to open up internally, fuel consumption volumes have started to rise again going from about 56 million litres to 80 million litres per month in consumption and although this is not the usual peak of demand, the situation has improved drastically,” the ministry noted.
The Ministry of Finance has also approved a 4% adjustment of the Road User Charges, which is part of the price of fuel products, according to MME.
“To that end, the levy on fuel products which is collected by the Road Fund Administration will be adjusted by five cents per litre from midnight, 5 August, an increase to 141 cents per litre from the previous 136 cents per litre.”