Fuel price up tonight as NEF runs at 50%

Motorists are reminded that the fuel price will rise at midnight on Tuesday by N$2 per litre of petrol and a whopping N$3 per litre of both grades of diesel. The energy minister Modestus Amutse announced the increase on Monday.

Meanwhile the government is set to fork out roughly N$384 million to oil marketing companies this month to cover fuel price under-recoveries recorded in October. Amutse says the massive payout will place heavy strain on the National Energy Fund, pushing its equalisation reserves down to just N$416 million. That leaves the fund’s reserves sitting at roughly half of the required N$800 million buffer needed to cover at least three months of fuel price shortfalls.

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