WINDHOEK, May 7 (Xinhua) -- Namibia will raise fuel prices for May as geopolitical tensions in the Middle East continue to weigh on global oil markets, Minister of Industries, Mines and Energy Modestus Amutse said on Thursday.
Speaking at a media briefing in Windhoek, Amutse said the price of petrol will increase by 1.4 Namibian dollars (about 0.085 U.S. dollars) per liter, while both diesel 50ppm and diesel 10ppm will rise by 4.63 Namibian dollars per liter, effective from Friday.
After the adjustment, fuel prices at Walvis Bay, the country's fuel pricing benchmark, will be set at 23.48 Namibian dollars per liter for petrol, 28.26 Namibian dollars per liter for diesel 50ppm, and 28.36 Namibian dollars per liter for diesel 10ppm.
Prices across the rest of the country will be adjusted accordingly.
Amutse said that despite the increase, Namibia's fuel prices remain among the lowest in the Common Monetary Area, which also includes South Africa, Lesotho and Eswatini. Fuel prices in neighboring countries have also risen sharply amid higher international oil prices and supply pressures.
He said that higher fuel prices would affect households, transport operators and several sectors of the economy but said the government would continue to use the National Energy Fund to cushion consumers from the full impact of global price movements.
According to Amutse, the government will absorb an estimated 1.3 billion Namibian dollars payable to suppliers of petroleum products for April and May through the fund.
The minister also assured the public that Namibia has adequate fuel stocks and continues to receive scheduled fuel imports through various international supply arrangements. He urged consumers to avoid panic buying and use fuel responsibly. ■