No fuel price hike before end of year, vows Govt

THE Ministry of Mines and Energy yesterday announced its decision to roll over the prevailing fuel pump prices to the next quarter without reviewing them.

However, should fuel prices continue to rise they would inevitably have to be reviewed by the end of December 2004, to come into effect from mid-January next year. Minister of Mines and Energy Dr Nickey Iyambo said yesterday that this decision had already been communicated to the oil companies in the country and the implementation date would be communicated to the public in due course.Iyambo said his Ministry was doing its best to alleviate cost increases and would try to keep fuel prices as low as possible despite the rising fuel costs, mostly related to high crude oil prices.He said the Ministry was attempting to reach an understanding with consumers that fuel price adjustments be changed from quarterly to monthly because of the crude oil prices that continue to rise.”Reviewing fuel prices on a monthly basis will afford us a chance to pass on price fluctuations to the consumer faster instead of them accumulating for three months at a time,” said Iyambo.The Minister also stated that the prevailing fuel prices are laid down in the Government Gazette of July 14.He warned people transgressing the fixed prices that they would be liable to prosecution when apprehended.Yesterday international crude oil prices shot up to US$54 (N$356) per barrel.Last July, the prices of petrol and diesel increased by eight per cent to more than N$4 for a litre of fuel.Minister of Mines and Energy Dr Nickey Iyambo said yesterday that this decision had already been communicated to the oil companies in the country and the implementation date would be communicated to the public in due course.Iyambo said his Ministry was doing its best to alleviate cost increases and would try to keep fuel prices as low as possible despite the rising fuel costs, mostly related to high crude oil prices.He said the Ministry was attempting to reach an understanding with consumers that fuel price adjustments be changed from quarterly to monthly because of the crude oil prices that continue to rise.”Reviewing fuel prices on a monthly basis will afford us a chance to pass on price fluctuations to the consumer faster instead of them accumulating for three months at a time,” said Iyambo.The Minister also stated that the prevailing fuel prices are laid down in the Government Gazette of July 14.He warned people transgressing the fixed prices that they would be liable to prosecution when apprehended.Yesterday international crude oil prices shot up to US$54 (N$356) per barrel.Last July, the prices of petrol and diesel increased by eight per cent to more than N$4 for a litre of fuel.