No increase….

Although the market prices for refined petroleum products fell globally during August, and normal market reasoning would dictate lower fuel import prices as a result, a weaker Rand/US Dollar prevented the scale to tip in favour of the Namibian fuel consumer.

In the light of the above, the Ministry of Mines and Energy announced this week that fuel prices will remain unchanged during September.
Under these circumstances there is still some positive news: oil companies are currently experiencing an over-recovery on 95 Octane unleaded petrol of N$16,946 cents per litre and diesel at N$20,915 cents per litre. This over-recovery effectively absorbs the 25 cents per litre fuel tax increase the Ministry of Finance imposes as from 1 September. The fuel tax increase that came into force on 1 September is from 65 cents per litre to 95 cents per litre.
Had there been no significant over-recoveries, a fuel price increase would have been on the table.

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