Fuel price increase imminent

NAMIBIAN motorists can brace themselves for what appears to be an inevitable increase in fuel prices next week.

Several attempts by The Namibian to obtain confirmation of the rumoured increases from the Ministry of Mines and Energy yesterday proved futile. But the owners of petrol stations in Windhoek, which The Namibian spoke to, said they were preparing to adjust their petrol pumps by around 42 cents per litre by midweek.They said they were only awaiting official confirmation from the Ministry of Mines, which usually issues a monthly statement informing consumers of any price fluctuations.Namibia was last hit with an increase in April, when petrol went up by between 38 and 48 cents per litre for diesel, leaded and unleaded petrol.Government’s National Energy Fund has been absorbing much of the cost of volatile fluctuations in crude oil prices and currency exchange rates since the beginning of the year.With the petrol price in South Africa having exceeded the R5-a-litre mark, it now appears that it is just a matter of time before Namibian motorists suffer the same fate.Petrol prices in South Africa, from where Namibia obtains most of its fuel, went up last week, prompting inevitable hikes in taxi fares and other transport costs.Namibia broke through the N$4-per-litre mark for the first time last year – and the next increase could push the price of a litre of petrol to over N$5.But the owners of petrol stations in Windhoek, which The Namibian spoke to, said they were preparing to adjust their petrol pumps by around 42 cents per litre by midweek.They said they were only awaiting official confirmation from the Ministry of Mines, which usually issues a monthly statement informing consumers of any price fluctuations.Namibia was last hit with an increase in April, when petrol went up by between 38 and 48 cents per litre for diesel, leaded and unleaded petrol. Government’s National Energy Fund has been absorbing much of the cost of volatile fluctuations in crude oil prices and currency exchange rates since the beginning of the year.With the petrol price in South Africa having exceeded the R5-a-litre mark, it now appears that it is just a matter of time before Namibian motorists suffer the same fate.Petrol prices in South Africa, from where Namibia obtains most of its fuel, went up last week, prompting inevitable hikes in taxi fares and other transport costs.Namibia broke through the N$4-per-litre mark for the first time last year – and the next increase could push the price of a litre of petrol to over N$5.