Petrol prices up again

THE fifth petrol hike this year becomes effective on Wednesday when the price of unleaded petrol increases by 38 cents a litre and lead replacement petrol is 34 cents per litre more expensive.

At the same time, the diesel price will shoot up by 42 cents a litre, the third increase for 2009.The new adjustments mean that diesel has become 55 cents per litre more expensive since the beginning of the year, while the petrol price has been increased by between N$1,30 per litre and N$1,34 a litre.The increases follow an under-recovery of 37 cents per litre on unleaded petrol (95 ULP) and 33 cents per litre on 93 ULP and lead replacement petrol (LRP) in June.The under-recovery for diesel during the month was 41 cents per litre. An under-recovery means that the basic fuel price, based on the daily product price and exchange rate, is more than the basic fuel price used when the Ministry of Mines and Energy (MME) decided on the pump prices at the beginning of June.