WINDHOEK, April 27 (Xinhua) -- Namibia's Ministry of Mines and Energy announced significant increases in petrol and diesel prices on Friday evening, slated to take effect from May 2. Petrol will see a sharp spike of 70 cents per liter, while diesel variants will climb by 40 cents per liter.

Under the revised rates, petrol will increase to 23 Namibia dollars (about 1.22 U.S. dollars) per liter, with diesel 50 ppm trailing closely behind at 22.17 Namibia dollars, and diesel 10 ppm nudging slightly higher to 22.37 per liter. The ministry, in a statement, assured that fuel prices in all regions of the country will be adjusted following these changes.

The ministry underscored Namibia's vulnerability to fluctuations in international oil market prices, acknowledging limited maneuverability to shield against such impacts. Nevertheless, they affirmed their commitment to managing the situation, ensuring the security of fuel supply while optimizing the National Energy Fund's capacity to stabilize fuel prices sustainably.

"The National Energy Fund will absorb the remaining under-recoveries, partially offsetting the burden on consumers," the ministry added. Furthermore, the ministry decided to extend the temporary relief margin of 20 cents per liter granted to oil importers for an additional six months.

"This extension will persist until a review of the relief margin or the implementation of the Petroleum Import Coordination System, whichever comes first," the ministry said.

According to the ministry, global crude oil prices maintained their upward trend throughout March and April, driven by increased geopolitical tensions in Eastern Europe and the Middle East. Notably, the supply-side disruptions in refineries in several parts of the globe continue to persist and contribute to market uncertainty, thus edging up oil prices globally. Enditem

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