Fuel prices continue to rise

PHILLEPUS UUSIKUThe Ministry of Mines and Energy announced yesterday that the price of petrol will increase by 30 cents per litre, while diesel will increase will increase by 40 cents per litre, effective 2 February 2022. The new fuel prices in Walvis Bay, which is the port of entry, will become N$15.95 per litre for petrol and N$15.98 per litre for diesel. The prices across the rest of the country will also be adjusted accordingly. This will be the first fuel price increase for the year 2022. Last year, fuel prices increased eight times.According to the ministry’s spokesperson, Andreas Simon, international oil prices sharply pushed upwards during January due to closely interconnected factors. Firstly, the Organization of Petroleum Exporting Countries (OPEC) has continued to keep oil supply at a low level. Secondly, oil producers are still finding it hard to attract investments for their projects as more and more investment funds are getting diverted towards renewable energy projects, Simon added.Additionally, the geopolitical tensions in major oil producing regions of the world such as the Arab Gulf region and on the Russian-Ukrainian border may lead to global oil supply disruptions, stoking fears in the oil market and further pushing the prices upwards, Simon said.-phillep@nmh.com.na

Fuel prices continue to rise

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Fuel prices continue to rise

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