WINDHOEK, 30 APR (NAMPA) ? Pump prices for petrol and diesel 50 parts per million (ppm) will increase by 70 cents and 20 cents per litre respectively with effect from midnight (00h01) on Thursday.
Minister of Mines and Energy, Tom Alweendo said in a media statement issued on Tuesday that the Walvis Bay price for 95 Octane Unleaded Petrol will increase by 70 cents per litre to cost N.dollars 12.75 per litre.
Diesel 50 ppm will increase by 20 cents per litre (wholesale) to cost N.dollars 13.33 per litre.
Pump prices across the whole of Namibia would be adjusted accordingly.
These increases for fuel pump prices will also include the Namibia Ports Authority?s tariffs and the Road Fund Administration levies. Consequently, the Road Fund?s fuel levy is adjusted from N.dollars 1.30 per litre to N.dollars 1.36 per litre.
The increase is said to emanate from a demand in the global oil market which picked up by 37 per cent, which triggered an increase in Brent crude oil prices.
?The most affected product in terms of this demand-driven sharp increase is gasoline (petrol),? Alweendo explained.
He said the price for diesel increased slightly, from an average of US.dollars 80 per barrel last month, to an average of US.dollars 82 in April.
Meanwhile, the exchange rate between the Namibia Dollar against the US Dollar has been relatively stable throughout April, strengthening slightly from an average of N.dollars 14.30 in March 2019 to an average of N.dollars 14.10 in April, which had a minimal impact on the April fuel landed cost.
SOURCE: NAMPA - ANS/PS/AS