The Ministry of Mines and Energy has announced that, as of 02 March 2022, fuel prices will increase by 120 cents per litre for petrol and 130 cents per litre for diesel.

Executive Director in the ministry, Simeon Negumbo made the announcement here on Monday during a press conference while updating the public on the latest fuel price hike.

He said fuel pump prices in Walvis Bay will thus increase to N.dollars 17.15 per litre for petrol and N.dollars 17.28 per litre for diesel. Prices across the country will be adjusted accordingly.

“It is worth noting that the National Energy Fund will cover all the under-recoveries recorded at the end of February 2022 on behalf of the fuel consumers. This amounts to approximately N.dollars 143 million,” Negumbo said.

He added that the ministry understands and acknowledges the difficulties which may be brought about by the adjustments. However, he emphasised, the factors that contribute to the sharp and continual increases in the fuel prices are beyond the control of the ministry.

“It is important to note that since the market continues to remain highly volatile, the country might continue to experience further fuel price increments during the coming months. The ministry will continue to monitor the situation closely and do whatever is within its power to mitigate the situation. We would therefore like to call on all fuel consumers to guard against unnecessary travel to cut on expenditures,” stated Negumbo.

Responding to questions on how this is going to affect ordinary Namibians, Negumbo said people must tighten their belts and adjust their budgets, because if the fuel price keeps going up, the price of other commodities like groceries might also increase.

Source: The Namibia Press Agency