The Ministry of Industries, Mines and Energy has announced a fuel price increase for December.
The fuel pump price for all fuel products will increase by N$21 cents, following five months of fuel price stability.
Effective 3 December, the new pump price for petrol 95 at Walvis Bay will cost N$20.58 per litre, N$20.13 per litre for diesel 50ppm and N$20.23 per litre for diesel 10ppm.
The ministry attributed the hike to international factors, including sanctions on Russian oil and Organisation of Petrol-Exporting Countries+ input disruptions, preventing additional barrels from entering the market.
To ease the financial burden on consumers, the National Energy Fund will absorb the remaining under-recoveries on diesel products, amounting to about N$146 million.
According to the executive director of industries, mines and energy, Moses Pakote, the intervention will ensure the continued safety of fuel supply in the country and protect consumers from bearing the full amount of diesel under-recoveries.
“As Namibia remains a net importer of fuel, the ministry will continue balancing cost recovery with consumer protection to ensure the sustainable supply of petroleum products across the country,” Pakote said in a statement on Friday.
The ministry also extended holiday wishes, urging road users to drive safely during the festive season.
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