Big drop in diesel prices coming

• By Erasmus Shalihaxwe and Tracy tafirenyika

A Big diesel decrease is forecasted for December after the South Africa’s Central Energy Fund (CEF) released the latest figures which also revealed the expected petrol blow has softened as outlook improves.

In an interview with Confidente, Ministry of Mine and Energy (MME) Public relations Officer, Teopoline Hasheela said ministry’s top brass would hold a meeting today (Friday) to discuss fuel price adjustments and an announcement would be made by early next week.

The meeting comes after South Africa’ CEF predicted there would be a sizeable drop in the diesel prices this month, a move that might benefit Namibian motorists.
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CEF estimates an over-recovery in the region of R3, a decrease of R1.70 or more and if international prices remain at their current level, January could see further diesel price cuts, which would be good news for general inflation.

According to Hasheela, “a decision has not been made yet but the ministry’s top management will sit on Friday (today) to discuss the matter and the public will be informed accordingly.”

Fuel prices have been adjusted on several times this year, a move which has been criticised by politicians and members of the public, especially those in the transport industry.

However, the same cannot be said for petrol vehicle users as an increase is to be expected.

Inflation rate rises to 5.9 percent

Meanwhile, Bank of Namibia (BoN) Governor, Johannes !Gawaxab has revealed that the county’s average inflation rate rose to 5.9 percent during the first ten months of 2022 compared to 3.5 percent in the corresponding period of 2021.
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According to !Gawaxab, the upward trajectory was predominantly driven by an increase in transport inflation on account of high international oil prices and a weak exchange rate.