Already struggling with massive increases in food prices and expensive bank loans, consumers now have to tighten their belts even further following the announcement last week by the mines and energy ministry that the price of fuel will rise.
Come Wednesday, 1 March, petrol consumers will see an
increase in the price by N$1.50 per litre, while the diesel price will remain unchanged for the same month.
These developments will bring the Walvis Bay petrol prices to N$19.78 per litre, while diesel remains at N$20.65 per litre.
Making the announcement, ministry spokesperson Andreas Simon said they foresee turbulent times ahead, judging from the unstable situation which continues to persist in the international oil market.
“However, the ministry will continue to work diligently towards ensuring that the security of fuel supply is maintained and that fuel prices are stabilised,” he noted.
Simon said although many central banks continue to increase interest rates to counter inflation, oil prices could still rise in the coming weeks due to carefully-managed undersupply and a rebound in demand.
“The exchange rate figures for the period of 1 to 21 February 2023 indicate that the Namibia Dollar has depreciated against the US Dollar at N$17.7676 per US$, compared to N$17.0793 per US$ at the end of January 2023,” he stated.
The ministry has, therefore, recorded an under-recovery in petrol of 187 cents per litre and 30 cents per litre for diesel.
– mndjavera@nepc.com.na