Namibia on Monday announced that it will raise the price of petrol by about 14 per cent and diesel by 7.5 per cent in June.

Ministry of Mines and Energy (MME) said the increase will take effect on June 1, citing higher global oil prices.

The price of petrol at the pump in Walvis Bay will go up by 2.5 Namibia dollars (about 0.16 U.S. dollars) per litre to 20.40 Namibia dollars and the price of diesel will surge from 1.5 Namibia dollars to hit 21.43 Namibia dollars a litre

MME Deputy Minister Kornelia Shilunga said fuel prices will be adjusted accordingly countrywide.

“The ministry is aware that the public is under a lot of financial pressure as far as the price is concerned. However, the public is reminded that Namibia is a price taker in the international oil market.

“It is therefore important to understand that the government is only in control at the level of domestic levies, taxes and margins regarding the price of fuel.

“We will continue to keep an eye on the developments in the global oil market and continue to make decisions that are in the best interests of the Namibian fuel consumer,” he said. 

Oil subsidy has become a heavy burden for the government’s National Energy Fund, Mr Shilunga said.

In April, Namibia announced a cut in tax levies on fuel for three months to help ease the pressure on consumers.

(Xinhua/NAN)