Namibia’s price of petrol will increase by 80 Namibia cents (about 5 U.S. cents) per liter and that of diesel by 80 cents per liter starting March 3, the country’s Ministry of Mines and Energy announced Thursday evening.

The new fuel prices in Walvis Bay will become 12.65 Namibia dollars per liter for petrol and 12.68 per liter for diesel, while prices across the rest of the country will also be adjusted accordingly.

Andreas Simon, the ministry’s spokesperson, said the ongoing international rollout of COVID-19 vaccines and the subsequent reopening of the global economy have major effects on the international oil market.

Also, the country’s National Energy Fund (NEF) has recently funded the under-recoveries recorded for the month of January 2021 to the tune of 122 million Namibia dollars, according to Simon.

“In addition, the NEF will also have to avail about 98 million to finance the under-recoveries recorded for the month of February 2021,” he said.

Meanwhile, the ministry is cognizant of the fact that the increases in the local prices of fuel will put more inflationary pressures on the prices of goods and services in the economy, Simon added. Enditem

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