Petrol and diesel prices increased by 40c/liter

The price of petrol and diesel is set to increase by 40 cents per liter at one minute past midnight on 7 July.  The Ministry of Mines and Energy made the announcement on Monday citing various factors to warrant the increases.

A higher demand for crude oil globally, coupled with reduced availability of crude oil on international markets was the decisive factor for the increase.
Furthermore, oil companies lose 66 cents per liter on retail fuel and 55 cents per liter on diesel (under-recoveries). These shortfalls are subsidised by the National Energy Fund. Increasing fuel prices will narrow these under-recoveries and release the burden on the National Energy Fund.
Fuel prices at Walvis Bay as the closest to the point of fuel imports will be N$13,55 per liter for petrol and N$13,58 for diesel.

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