Vitol deal saves motorists from N$6 fuel hike …as reduced fuel levies get restored

The mines and energy minister Modestus Amutse on Friday said an emergency fuel supply agreement with global energy trader Vitol prevented Namibian motorists from paying about N$6 more per litre for fuel this month, limiting the increase to N$2 per litre.

The minister reassured the public that Namibia has sufficient stocks and that the national fuel supply system remains stable.

Announcing the August fuel price review, Amutse said the increase, effective tomorrow, is mainly due to the reinstatement of fuel levies that had been temporarily reduced to cushion consumers from rising global oil prices.

He said the emergency agreement with Vitol shielded consumers from additional import costs that would otherwise have pushed fuel prices much higher.