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namib times
SERVING THE COASTAL COMMUNITY SINCE 1958 NO 6791 TUESDAY 2 OCTOBER 2018 Tel: +264 64 - 205854 / +264 64 - 461866 /Fax: +264 64 - 204813 / 064 - 461824 / Website: www.namibtimes.net
Fuel price hike Floris Steenkamp
The coast’s consumers are not taking lightly the news of yet another fuel price increase to come into effect at one minute past midnight on Wednesday. Namibia’s fuel prices are reviewed on a monthly basis and continues an upward trend. In a statement yesterday the Ministry of Mines A barrel of refined oil stood at US$77 in January and Energy announced a blanket fuel price in- this year and in September reached the US$91 crease of 50 cents per liter for 95 octane un- mark. leaded petrol, diesel 500ppm and for diesel “Predictions are that they are headed to triple digits by the end of the year”, said the ministry in the 50ppm. The rising market price of crude oil and the statement. weakening South African Rand against the US With regard to the US$/Namibian Dollar exDollar were provided as the catalysts of the fuel change rate: the Namibian Dollar traded at N$12,20 the US Dollar in January and at N$14,71 price increase. in September. The motorist pays N$13,45 per liter for 95 The global market price for refined oil and the exoctane unleaded petrol; N$13,78 per liter for change rate currently has Namibia’s oil industry 500ppm diesel and N$13,83 for 50 ppm diesel in an under-recovery situation. That means it cost as from Wednesday morning. oil companies more to deliver fuel to the fuel “Two major factors affect, adversely, our local pump than what the fuel consumer pays. It costs pump prices: the international prices for refined the oil industry N$1,31 per liter more for petrol oil and the exchange rate between the Namibian than what the consumer pays at the pump. Diesel, Dollar (linked the South African Rand) against both 500ppm and 50ppm, is costing the consumer the US Dollar in which oil is priced”, said the almost N$1,45 less than what it costs to deliver at Ministry in a statement. the pump. These under-recoveries is partly subsiAccording to the press release of the ministry, dised by the National Energy Fund to the tune of global oil prices have been rising consistently. 80 cents per liter.
Rising oil price not bad news to everyone The fuel consumer bleeds, but ship repair and marine industrial could benefit
Despite predictions that the price of refined oil, and possibly also crude oil prices, are on a steady increase, a local ship repair stakeholder yesterday said it might just be too early for total optimism in the long term. In the short term however, work on smaller projects is expected to flow in again for the ship repair and marine industrial sector. Walvis Bay’s ship repair- and marine industries remains strained as business from the West African oil markets are slow. Ship owners and rig owners heavily cut down on ship repairs and maintenance budgets. Equally, Angola’s economy also took a hard hit some years ago on plummeting oil prices. As long as oil prices are low, spending by Angolans on the Namibian economy will remain limited. “The problem is it takes time to mobilise large
capital projects. The most important component is confidence. As long as there is no consistency in the global oil price’s upward curve, investors will shun large projects”, explained a key local stakeholder yesterday. Adding if the oil price continues its up-ward trend and even prove prediction correct that it can break into the three digit market price barrier, smaller projects will be getting the green light and could benefit the local industries.
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Driver urged to hand himself over
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Weekend of knife Shocked by the death fights of Luis de Gouveia A well-known former resident of Walvis Bay, Mr Luis de Gouveia died in Cape Town over the weekend. Mr de Gouveia was in a vehicle accident on Friday. One of his children was with him in the accident and was admitted to a Cape Town hospital. Mr de Gouveia appeared to have escaped the accident unscathed and did not require hospitalisation. He was found dead at his residence on Saturday. The late de Gouveia leaves behind his brothers Ivo, Sandro, Carlos and Emidio.
TransNamib to fire all striking workers as from today.... TransNamib indicated late yesterday that it would commence today with the dismissal of all employees that continue to part-take in a tools down situation. The workers has now exhausted the maximum number of consecutive days a person may stay away from work before being regarded as having absconded.
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DBN donates
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Namibia retains S/Sahara Titles
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