Fuel prices up tonight

PUMP prices of petrol and diesel go up by 20 cents and 17 cents respectively as from midnight.

The Ministry of Mines and Energy announced that The price of unleaded petrol (95 octane) at Walvis Bay goes up from N$3,45 to N$3,65 cents per litre, while that of leaded (93 octane) N$3,41 to N$3,61 c/l. The price of diesel increases from N$3,33 c/l to N$3,50.”The revision of the Namibian fuel pump price is to compensate for the changes in the import parity price, which is mainly due to fluctuations in the international crude oil prices incurred during the past three months, as imposed on the selling price, and the fluctuation of the N$ against the US Dollar.International oil prices are being driven by strong demand and low stocks in bigger markets for example the United States,” explained Nickey Iyambo, Minister of Mines and Energy.This announcement follows a similar price increase in South Africa last week and an announcement by the Organisation of Oil Producing Countries (OPEC) that it would decrease its production quota the week before.OPEC, “also appears to have shifted its target price upwards, by its quota decisions the organisation appears willing to let prices soar,” the minister said.”Consequently, this led to a situation where the import parity cost has resulted in a cumulative under recovery on the local pump prices,” he added.According to the ministry, pump prices currently range between 31,449c/l, 30,118c/l and 17,009c/l below the import parity cost for leaded petrol, unleaded petrol and diesel respectively; as at the end of March 2004.”The Ministry is left with no option but rather to give an increase of 20c/l on both the prices of petrol 93 and petrol 95 and 17c/l on diesel respectively in order to balance the under-recovery that is currently prevailing on the prices,” the statement reads.FUEL PRICES BY TOWNThe first price is Leaded 93, the second price is unleaded 95 and the third price is diesel.Katima Mulilo – N$3.82 N$3.86 N$3.71 Rundu – N$3.82 N$3.86 N$3.71 Oshakati – N$3.81 N$3.85 N$3.71 Windhoek – N$3.76 N$3.80 N$3.66 Walvis Bay – N$3.61 N$3.65 N$3.50 Gobabis – N$3.82 N$3.86 N$3.71 Keetmanshoop – N$3.88 N$3.92 N$3.78 Luderitz – N$3.88 N$3.92 N$3.71 Noordoewer – N$3.94 N$3.98 N$3.83The price of diesel increases from N$3,33 c/l to N$3,50.”The revision of the Namibian fuel pump price is to compensate for the changes in the import parity price, which is mainly due to fluctuations in the international crude oil prices incurred during the past three months, as imposed on the selling price, and the fluctuation of the N$ against the US Dollar.International oil prices are being driven by strong demand and low stocks in bigger markets for example the United States,” explained Nickey Iyambo, Minister of Mines and Energy.This announcement follows a similar price increase in South Africa last week and an announcement by the Organisation of Oil Producing Countries (OPEC) that it would decrease its production quota the week before.OPEC, “also appears to have shifted its target price upwards, by its quota decisions the organisation appears willing to let prices soar,” the minister said.”Consequently, this led to a situation where the import parity cost has resulted in a cumulative under recovery on the local pump prices,” he added.According to the ministry, pump prices currently range between 31,449c/l, 30,118c/l and 17,009c/l below the import parity cost for leaded petrol, unleaded petrol and diesel respectively; as at the end of March 2004.”The Ministry is left with no option but rather to give an increase of 20c/l on both the prices of petrol 93 and petrol 95 and 17c/l on diesel respectively in order to balance the under-recovery that is currently prevailing on the prices,” the statement reads.FUEL PRICES BY TOWNThe first price is Leaded 93, the second price is unleaded 95 and the third price is diesel.Katima Mulilo – N$3.82 N$3.86 N$3.71 Rundu – N$3.82 N$3.86 N$3.71 Oshakati – N$3.81 N$3.85 N$3.71 Windhoek – N$3.76 N$3.80 N$3.66 Walvis Bay – N$3.61 N$3.65 N$3.50 Gobabis – N$3.82 N$3.86 N$3.71 Keetmanshoop – N$3.88 N$3.92 N$3.78 Luderitz – N$3.88 N$3.92 N$3.71 Noordoewer – N$3.94 N$3.98 N$3.83