Ministry of Mine and Energy has approved a fuel price increment for both petrol and diesel and motorists will be expected to pay 50 cents more from 7 April. MME states that the price hikes follow under-recoveries at the current pump price, depreciation of the local currency against the US dollar as well as an increase in oil prices. A barrel of oil has been costing N$993,63 and it has now increased to N$1 105. The ministry says the above reasons have adjusted the increase of the fuel-pump price. The new petrol price at Walvis Bay will cost N$13,15 whilst the diesel price will cost N$13,18. Pump prices will be adjusted across the country, making them 50 cents more costly. The ministry further says that the National Energy Fund will provide N$90 million to finance the under-recoveries recorded throughout March.