The Ministry of Mines and Energy is set to announce the March fuel price for Namibia on Monday.
The announcement by the ministry comes as Simonis Storm has forecasted a price hike in March, citing a weakening Rand and rising global oil prices.
This comes as the Ministry of Mines and Energy in February announced a 30-cent increase in the price of petrol and 40 cents for diesel, bringing fuel prices for Walvis Bay to N$15.95/litre for petrol and N$15.98/litre for diesel.
In the last twelve months, the Ministry through the National Energy Fund (NEF) has incurred net under-recovery of N$9.28 on petrol and N$5.60 on diesel.
This implies that petrol and diesel prices should have increased to N$20.63 and N$16.98 respectively.
Meanwhile as from the 2nd of March 2022, South Africa’s price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l, that of diesel (0.05% sulphur) by R1.44/l, diesel (0.005% sulphur) by R1.48/l, illuminating paraffin (wholesale) by R1.21/l, and the maximum LPGas retail price by 70 cents/kg.
South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe on Saturday cited rising crude oil prices amidst escalating fears created by the conflict in Ukraine for the increase.
Global oil prices surged past US$100 a barrel for the first time since 2014 on Thursday after Russia launched a full-scale military assault on Ukraine.
