Namibia’s gasoline prices will increase by 50 Namibia cents (about 3 U.S. cents) per liter and those of diesel by 70 cents per liter in the month of November, the country’s Ministry of Mines and Energy announced Thursday.
The effective date for the adjustments is Nov. 3 and the fuel pump prices in Walvis Bay will become 14.95 Namibia dollars per liter for gasoline and 14.88 Namibia dollars per liter for diesel and the prices across the rest of the country will also be adjusted accordingly, the Ministry spokesperson Andreas Simon said.
“International oil prices have recently risen to their highest level since 2018 as global oil demand is now perfectly poised to recover from the COVID-19 pandemic. Also, shortages of natural gas and coal from Asia to Europe are driving additional demand for oil products in power generation while supply has remained tight,” he said.
According to Simon, the latest calculations are, therefore, indicating an under-recovery of 132 Namibia cents on gasoline and an under-recovery of 154 Namibia cents on diesel.
“There is, therefore a need to ensure that a fuel price that is best reflective of the movements of the market is maintained to ensure the security of fuel supply to the country,” he said. Enditem