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Namibia: Expect More Fuel Price Hikes
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New Era (Windhoek)
14 May 2008
Posted to the web 14 May 2008
Petronella Sibeene
Windhoek
Until such a time when the country has discovered its own oil reserves, Namibians should brace themselves for continued increases in fuel prices, the Minister of Mines and Energy Erkki Nghimtina said yesterday in light of the impending hike.
Yesterday the Ministry of Mines and Energy announced a hike in fuel prices with diesel reaching the N$10.00 mark and petrol N$9.00.
Adjustments include 93 Octane Lead Replacement Petrol (ULP 93) and 95 Octane Unleaded Petrol (LRP 95) that will increase by 44 cents per litre while diesel will increase by 80 cents per litre.
The following new pump prices take effect on Thursday at midnight.
DESTINATION, LRP (95), ULP (93), DIESEL
Katima Mulilo, N$ 8.77, N$ 8.75, N$10.11
Rundu, N$ 8.77, N$ 8.75, N$10.11
Oshakati , N$8.76, N$ 8.74, N$10.11
Windhoek, N$8.70, N$8.68, N$10.04
Walvis Bay, N$ 8.50, N$ 8.48 ,N$ 9.84
Gobabis, N$ 8.77, N$ 8.75, N$10.12
Keetmanshoop, N$ 8.86, N$8.84, N$ 10.20
Lüderitz, N$ 8.86, N$8.84, N$ 10.13
Noordoewer, N$8.93, N$8.91, N$10.27
Tweeriviere, N$ 9.04, N$9.02, N$ 10.38
"We have no alternative and it will be like this until we find our own oil," he said.
The minister further said the under-recoveries experienced on fuel prices at the end of April 2008 would heavily impact on the cumulative slate account, while the National Energy Fund is under immense pressure to compensate the under-recoveries.
Despite the high fuel prices in Namibia, the minister said diesel would be 60 cents cheaper than it costs in neighbouring South Africa.
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Fuel prices continue to skyrocket as a result of supply problems in Nigeria and the United Kingdom, bringing the international market price for crude oil to about US$120 a barrel.
"These factors have impacted the import parity in a way that higher margins of under-recoveries have been recorded in the local market," the minister said in a statement yesterday.
The minister warned that with the volatile international environment, Namibians should anticipate difficult times as international crude prices continue to soar.
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