Petrol pain pumped up 75 notches

FUEL prices will tomorrow go up for the sixth time this year – with unleaded petrol increasing by 75 cents and diesel by 66 cents a litre.

Pump prices at Walvis Bay will increase to N$9,97 for a litre of 95-octane unleaded petrol, N$9,73 for 93-octane lead-replacement petrol, and N$11,30 for diesel one minute after midnight. In Windhoek, unleaded petrol will cost N$9,95 and 93-octane lead replacement petrol (LRP) N$9,93, while diesel will jump to N$11,50.At the Noordoewer border post in the south, prices rise to N$10,18 for 95-octane, N$10,16 for 93-octane and N$11,73 for diesel.The fuel increase comes a month after the previous hike, which came into effect on June 9.At Keetmanshoop, prices will be: N$11,66 (diesel), N$10,11 (unleaded petrol) and N$10,09 (LRP); and Katima Mulilo: N$11,57 (diesel), N$10,02 (unleaded petrol) and N$10,00 (LRP).”In a politically volatile world and with little surplus capacity left, Namibian consumers are forewarned that they will have to anticipate difficult times ahead and dig deeper in their pockets as the international crude oil prices continue to soar, culminating in oil price shocks worldwide,” the Ministry of Mines and Energy (MME) warned on Friday afternoon.”Under-recovery experienced in the local market, also due to a negative rand/US dollar exchange rate, continued in June and impacted heavily, putting the National Energy Fund (NEF) under immense pressure to compensate the under-recoveries, while subsidising fuel transports to remote areas,” the Ministry said in a statement.”At this juncture, the NEF is overwhelmed with a huge balance to settle.To accommodate the related cost increases, Namibian pump prices need to be adjusted with the under-recovered margin, which translates into consumers bearing the full burden.”Crude oil prices soared to US$146 a barrel over the weekend and experts predict increases up to US$170 a barrel before year’s end.In Windhoek, unleaded petrol will cost N$9,95 and 93-octane lead replacement petrol (LRP) N$9,93, while diesel will jump to N$11,50.At the Noordoewer border post in the south, prices rise to N$10,18 for 95-octane, N$10,16 for 93-octane and N$11,73 for diesel.The fuel increase comes a month after the previous hike, which came into effect on June 9.At Keetmanshoop, prices will be: N$11,66 (diesel), N$10,11 (unleaded petrol) and N$10,09 (LRP); and Katima Mulilo: N$11,57 (diesel), N$10,02 (unleaded petrol) and N$10,00 (LRP).”In a politically volatile world and with little surplus capacity left, Namibian consumers are forewarned that they will have to anticipate difficult times ahead and dig deeper in their pockets as the international crude oil prices continue to soar, culminating in oil price shocks worldwide,” the Ministry of Mines and Energy (MME) warned on Friday afternoon.”Under-recovery experienced in the local market, also due to a negative rand/US dollar exchange rate, continued in June and impacted heavily, putting the National Energy Fund (NEF) under immense pressure to compensate the under-recoveries, while subsidising fuel transports to remote areas,” the Ministry said in a statement.”At this juncture, the NEF is overwhelmed with a huge balance to settle.To accommodate the related cost increases, Namibian pump prices need to be adjusted with the under-recovered margin, which translates into consumers bearing the full burden.”Crude oil prices soared to US$146 a barrel over the weekend and experts predict increases up to US$170 a barrel before year’s end.