Fuel prices to increase

Fuel prices to increase
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NAMPA

The Ministry of Mines and Energy has announced new fuel price increases amid continued under-recoveries by oil importers.
The latest increases will factor in a tax increase of 25 cents per litre the Ministry of Finance placed on all petroleum products.
The 95-Octane Unleaded Petrol will cost N$12,55 per litre at the pump in Walvis Bay starting Wednesday.
Diesel 500 ppm will cost N$12,88 per litre and Diesel 50 ppm N$12,93 per litre.
Minister Tom Alweendo says the latest review of fuel prices has shown that fuel importers paid much more to bring petroleum products into the country.
He says the price increases are meant to create a cost-recovery balance in the market, which will go to the National Energy Fund.
The Mines and Energy Minister says the fund financed all under-recoveries that were to be passed to consumers last month.
Alweendo further says the increase will restore balance in the market, as well as meet the tax obligation the Government has placed on the import of petroleum products.