02 September 2016, Windhoek – The price of all grades of fuel is set to decrease in Namibia next Wednesday at 00h01.
Petrol and diesel will decrease by 46 and 34 cents per litre, respectively, minister of mines and energy Obeth Kandjoze announced in a media statement.
This means pump prices at Walvis Bay will now be N$10,48 per litre of unleaded petrol; N$10,28 per litre of diesel 500 parts per million (ppm); and N$10,33 for diesel 50 ppm.
Kandjoze said the fuel tax will increase from 12 cents per litre (c/l) to 25 c/l on unleaded petrol 95, and from 10 c/l to 25 c/l on both diesel grades as from 7 September. The Ministry of Finance has increased the levy rates on fuel products effective from 1 August, but due to some procedural technicalities, the levy was unable to be implemented at the pumps at that time.
Kandjoze also resolved to adjust the Road Safety Secretariat (RSS) levy by 100% from 1,3c/l to 2,6c/l on all the regulated fuel products, effective from 7 September.
“The National Road Safety Council (NRSC) submitted a request to the Ministry of Mines and Energy in June 2016 to consider adjusting the RSS levy on regulated petroleum products in an effort to allocate more resources towards road safety in light of the alarming rate at which road accidents continue to claim lives on national roads,” he stated.
The minister stressed that the international market for crude oil and refined hydrocarbons continued to experience high levels of supply throughout August 2016.
The US dollar depreciation against the Namibia dollar has also immensely contributed to the over-recoveries observed as oil products are traded with the greenback across international market.