Fuel prices are rising again as the economy struggles

By:Josef Kefas Sheehama
The Ministry of Mines and Energy, last week, announced an increase in the prices of petrol and diesel, citing a combination of rising international oil prices and the depreciation of the Namibian Dollar and catastrophic flooding in Libya.
Effective from 4 October 2023, the price of diesel will increase by N$2.40 per litre whilst the price of petrol will increase by N$1.90 per litre. This substantial increase means that a litre of fuel prices in Namibia will be N$22.88 per litre of petrol, diesel 50ppm will be N$23.15 per litre and diesel 10ppmd will now set consumers back at N$23.35 per litre.
The Ministry of Mines and Energy also increased the industry margin for oil wholesalers by 18 cents to N$1.46 cents from N$1.28 cents per litre.
The dealer margin for service station traders rose by 20%, meaning an increase to N$ 1.83 cents from N$1.63 cents per litre. The international oil prices rose above $100 a barrel for the first time in more than a year, since the turmoil that followed the Russia/Ukraine war.