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Fuel prices rise

    JOHANNESBURG

    The price of fuel in Namibia is to increase by 13 percent on Wednesday, pushing the country’s inflation rate into double digit figures ‘The Namibian’ said on Monday.

    The Ministry of Mines and Energy was quoted as saying that the price hike was mainly due to the huge backlog on the National Energy Fund (NEF) as a result of fuel price subsidisation and the devaluation of the South African Rand. The ministry said that high oil prices in the international market was also to blame. Last week oil prices surged to a new 10-year peak when it reached US $34.50 per barrel.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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