Fuel prices, namely petrol and both diesel grades, will remain unchanged for March. This means that at the port of entry in Walvis Bay, petrol will stay at N$20.78 per litre, diesel 50 ppm will remain at N$21.05 per litre and diesel 10 ppm at N$21.25 per litre.
In addition, the mines and energy ministry resolved to raise the National Energy Fund (NEF) levy by 50 cents per litre across all petroleum products. This decision was taken after taking into account the significance of ensuring the security of fuel supply in the country and maintaining the sustainability of the National Energy Fund. As a result, the new NEF levy will be 186.775 cents per litre for petrol and 160.775 cents per litre for diesel.
In a statement issued this week, the ministry noted that the NEF will, on behalf of consumers, absorb the entirety of incurred underrecoveries of 153 cents on petrol, 114 cents on diesel 50PPM and 106 cents on diesel I0PPM, equating to N$124 million.
The ministry added that global oil prices are rising due to uncertainty in production and conflicting messages from the Organization of Petroleum Exporting Countries (OPEC), leading to supply worries. “Speculation about extending OPEC+s production cuts is adding to the uncertainty, driving crude oil prices higher,” the ministry stated. The latest fuel prices adjustments are effective as of today, Wednesday, 6 March 2024.