Fuel relief

THE price of petrol went down by an effective 20 cents a litre at midnight, while diesel went down by 10 cents a litre.

This is the second fuel price relief handed to motorists by the Government in about a month. The first price cut after a crippling series of increases last year was announced in December.The Minister of Mines and Energy, Erkki Nghimtina, confirmed the price cut when he spoke to The Namibian yesterday.The new Walvis Bay pump prices are N$5,82 per litre of unleaded petrol, N$5,80 per litre of lead replacement petrol and N$5,96 per litre of diesel.Nghimtina attributed the decrease to international crude oil prices, which have dropped to around US$52 per barrel compared to the high of US$78 seen last year.”The recent decreases in the international crude oil prices have slightly improved the negative cumulative slate under-recovery which has been prevailing in the market for the last two years,” the Minister said.”Thus at present, the Ministry of Mines and Energy would like to pass on to the consumers the benefit of over-recoveries accrued in the local market during December to ease the burden imposed on them.”Many Namibians panicked after recent reports that South Africa would once again raise fuel prices.The first price cut after a crippling series of increases last year was announced in December.The Minister of Mines and Energy, Erkki Nghimtina, confirmed the price cut when he spoke to The Namibian yesterday. The new Walvis Bay pump prices are N$5,82 per litre of unleaded petrol, N$5,80 per litre of lead replacement petrol and N$5,96 per litre of diesel.Nghimtina attributed the decrease to international crude oil prices, which have dropped to around US$52 per barrel compared to the high of US$78 seen last year.”The recent decreases in the international crude oil prices have slightly improved the negative cumulative slate under-recovery which has been prevailing in the market for the last two years,” the Minister said.”Thus at present, the Ministry of Mines and Energy would like to pass on to the consumers the benefit of over-recoveries accrued in the local market during December to ease the burden imposed on them.”Many Namibians panicked after recent reports that South Africa would once again raise fuel prices.