|
|
Namibia: Another Fuel Price Shocker
 |
 |
|||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
New Era (Windhoek)
10 April 2008
Posted to the web 10 April 2008
Anna Shilongo
Windhoek
The Minister of Mines and Energy, Erkki Nghimtina, yesterday cautioned motorists to brace themselves as fuel prices go up from Monday.
Motorists already hard-pressed by previous fuel increases would have to fork out a massive 50 cents more for both 93 and 95 Octane lead replacement petrol, one of the stiffest increases since the price of fossil oil started escalating more than a year ago.
With the latest increase, a litre will breach the N$9 barrier for the first time ever.
According to Nghimtina, the price of international crude oil continues to rise as the US dollar strengthens against the South African rand.
Last month crude oil prices hovered between US$105 and US$107 a barrel driven by the expectations of continued strengthening in global demand, especially from major oil consuming countries and ongoing geo-political concerns such as attacks on Nigeria's oil infrastructure.
These factors have affected the import parity in a way that a higher margin of under-recoveries has been recorded in the local market.
The under-recoveries experienced on the fuel prices at the end of last month, may also negatively affect the cumulative slate balance if fuel prices are not increased to accommodate related costs, explained the Mines and Energy Minister.
"This, on the other hand, will also negatively affect the dealers and importers of petroleum products in Namibia if these increases are not included in local prices," said the minister.
"This gives the indication that the present Walvis Bay fuel pump prices for controlled petroleum products, petrol and diesel, are low and they need to be adjusted," he added.
From Monday the 93 and 95 Octane lead replacement petrol retail price will increase by 50c per litre, while the wholesale price for diesel increases by N$1 per litre.
Motorists from Walvis Bay will pay N$8.04 for a litre of Octane leaded replacement (93) fuel while unleaded (95) fuel will cost N$8.06 per litre.
Pump prices at various inland destinations will also be changed.
Namibians should draw consolation from the fact that for this month the price of unleaded petrol and diesel is 7.5 percent and 1.5 percent higher in South Africa than in Namibia.
Those with diesel-powered vehicles at Walvis Bay would now pay N$9.04 per litre.
Pump prices at various inland destinations countrywide will also be changed accordingly.
He said the fact that Namibia imports most of her fuel products from South Africa made it more imperative to compare the fuel prices between the two countries.
Nghimtina noted that Namibian consumers were reaping the benefits of lower prices of unleaded petrol and diesel in the Namibian fuel market compared to South Africans.
"It should be highly emphasised that although the ministry endeavours to keep fuel prices to the bare minimum as it has such a huge impact on the economy of the country, it will harmonise fuel prices with neighbouring states to be fair in respect of pricing mechanisms used," stressed the minister.
"Namibian consumers are forewarned that they will have to prepare for the unanticipated changes due to volatility in oil prices in the global market," concluded the minister.
|
Since the beginning of this year consumers have been subjected to unbearable pressure from price increases on bread, mealie-meal, rice, sugar, cooking oil, rice and meat though salaries on the other hand have remained static pushing pockets to a breaking point.
We may be able to help!!!! Please review the following message that we are sending to all operators of Gasoline, Diesel and Bio-diesel equipment in North America and the World. .......................................................... If your company is using GASOLINE, DIESEL OR BIO-DIESEL FUELS - you are aware of the added costs to operating your business today, and how it is affecting your bottom-line. We may be able to assist you in reducing those bottom-line fuel costs ........... and reduce emissions simultaneously !
"Ultimate ME2" - an ECO Fuel Saver/Performance Enhancing Reformulator designed for... [Read Full Text]
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 New Era. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
