Namibia fuel price to increase starting September 2

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The Ministry of Mines and Energy announced on Friday that Namibia will increase fuel prices of up to 2.6 per cent with effect from September 2.

The ministry said the pump price of petrol at the port of entry in Walvis Bay is expected to increase by 30 cents to N$11.65 (about 70 US cents) a litre while and diesel is due to rise by 15 cents N$11.98.

“Fuel pump prices countrywide will be adjusted accordingly,” the ministry said in a statement.

The price hike is with effect from midnight on September 2, according to the ministry.

Fuel price increases are usually influenced by the international cost of refined petroleum products at which fuel is imported into a country and fluctuations in the recipient nation’s exchange rate.

Fuel price increases are usually minimal in Namibia since the country’s energy fund absorbs part of the hikes in international prices.