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Namibia: Petrol Cracks N$8
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The Namibian (Windhoek)
10 April 2008
Posted to the web 10 April 2008
Tonderai Katswara
Windhoek
FUEL prices will go up again on Monday - by a whopping 50 cents a litre for petrol and a shocking N$1 for diesel - as life becomes tougher by the day for consumers.
These are the biggest increases yet for the precious commodity.
This means the petrol prices will bust the N$8 mark at Walvis Bay for the first time in history, while diesel is now over the N$9 mark.
This will come as a crushing blow to businesses and farmers who rely on diesel for transportation and implements, and who are still reeling from the huge diesel price increase of last month.
The Ministry of Mines and Energy yesterday announced that the new Walvis Bay pump prices from Monday would be N$8,04 per litre of 93 octane Lead Replacement Petrol (LRP), N$8,06 for a litre of 95 octane unleaded petrol and an unbelievable N$9,04 for a litre of diesel.
In Windhoek, unleaded petrol will cost N$8,26 per litre while diesel will cost N$9,24 per litre.
Other inland prices will be adjusted accordingly.
"During March 2008, crude oil prices hovered between US$105 and US$107 a barrel, driven by expectations of continued strength in global demand, especially from major oil consumption countries ...
These factors have impacted the import parity in a way that a higher margin of under-recoveries has been recorded in the local market," said Minister Erkki Nghimtina in yesterday's statement.
The situation is equally bad in South Africa, from where Namibia imports most of its fuel.
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Unleaded petrol in the Gauteng province now costs R8,91 a litre while diesel is at R9,38.
Monday's increase will be the third one to hit Namibians since the beginning of the year and comes exactly a month after the last one, which sent shockwaves through the nation when petrol was hiked by 31 cents and diesel by 50 cents a litre.
The Minister warned consumers of more misery ahead.
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