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Monday, April 25, 2005 - Web posted at 8:56:22 GMT

Fuel prices to increase sharply

ABSALOM SHIGWEDHA

FUEL prices will go up by between 38 and 48 cents a litre on Wednesday.

The Ministry of Mines and Energy announced on Friday that the price of 93 octane leaded petrol would be increased by 48 cents a litre, 95 octane unleaded petrol by 46 cents a litre, and diesel by 38 cents a litre.

The Ministry's Permanent Secretary, Joseph Iita, said in a statement that the hike was necessitated by volatile crude oil prices that have settled above US$50 per barrel.

In addition, the average international prices of petroleum products had increased, while the Namibia dollar had weakened against the US dollar.

Iita said high international demand had fuelled the sustained rise in fuel prices observed, and early indications of further strong economic growth in 2005 suggested that this was set to continue.

He said most of this growth came from Asia, where government subsidies on oil products in a number of countries gave an artificial impetus to demand growth.