🇳🇦NamibiaSouthern Africa
Namibia announces fuel price increases effective midnight Friday
via The Namibian2 min read
Namibia's Energy minister Modestus Amutse announced that fuel prices will increase at midnight on Friday due to sustained increases in international oil prices. Petrol will rise by N$1.40 to N$23.38 per litre, while diesel 50 ppm and diesel 10ppm will both increase by N$4.63, reaching N$28.26 and N$28.36 per litre respectively. Amutse stated that Namibia imports all its refined petroleum products, making it vulnerable to international oil market volatility and global supply chain disruptions, exacerbated by geopolitical tensions in the Middle East, higher shipping costs, increased insurance prices, and a fluctuating exchange rate with the United States dollar. To mitigate the impact on consumers, the government, through the NEF Fuel Price Equalisation Fund, will absorb a significant portion of the under-recoveries and associated fuel import premiums. A 50% cut in fuel levies, announced in April, will continue until the end of June. Amutse reassured the public that there is no need for panic buying, as the country has sufficient fuel supply for the next three months, with scheduled imports continuing.
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This summary was AI-generated from a story originally published by The Namibian.
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