FUEL prices increase on Wednesday for the first time in the new year, when 95 octane unleaded petrol goes up by 20 cents per litre, while the price of 93 octane lead replacement petrol (LRP) rises by 17 cents per litre and diesel by 7,0 cents a litre.
When the new pump prices become effective at 00h01 on February 17, unleaded petrol will cost N$7,20 a litre at Walvis Bay. LRP will sell for N$7,11 a litre, while diesel will cost N$7,14 a litre.Announcing the adjustments on Friday, Mines and Energy Minister Erkki Nghimtina said although oil prices have remained relatively resilient in an environment of rising risk aversion, this will not be able to persist for long, since a period of stronger oil prices is unlikely to be sustainable until global oil demand gets on more solid footing.’It is apparent that crude oil prices will remain volatile, hence necessary precaution and due diligence need to be exercised in reviewing fuel prices to avoid a negative effect on the economy and the purchasing power of the consumers during periods of heavy price shocks,’ Nghimtina said.The Minister has also increased the Motor Vehicle Accident Fund levy by three cents a litre on both petrol and diesel. The increase is included in the new price structure.
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