Day: June 30, 2023

The Ministry of Mines and Energy has announced that fuel prices will remain unchanged for the month of July.

The ministry in a media release on Thursday said the price of petrol in Walvis Bay will remain at N.dollars 19.78 per litre, while diesel 50 parts-per-million (ppm) will remain N.dollars 19.05 per litre and diesel 10ppm, at N.dollars 19.25 per litre.

According to the media release, the latest calculations by the ministry indicate that the average price of unleaded petrol 95 over June 2023 was US.dollars 95.40 per barrel, compared to US.dollars 92.32 per barrel at the end of May 2023, depicting a slight increase over the review period.

Additionally, the average price of diesel 50ppm over the same period was US.dollars 89 per barrel, compared to US.dollars 85.77 per barrel at the end of May 2023, an increase of about US.dollars 4 per barrel over the review period.

“Furthermore, the exchange rate figures for the period 01 to 26 June 2023 indicate that the Namibian Dollar has appreciated against the US Dollar at N.dollars 18.72, compared to N. dollars 19.03 per US. dollars the previous month,” it said.

After entering the above input factors into the fuel pricing model, the ministry thus recorded an under-recovery on petrol and over-recoveries on both diesel products.

Source: The Namibian Press Agency

The Namibia Revenue Agency (NamRA) is continuously working towards streamlining and enhancing trade processes, ensuring efficiency, security, and compliance in the global supply chain.

The Authorised Economic Operator (AEO) Programme is one of the ways in which the agency aims to enhance trade processes, serving as a vital instrument in achieving these objectives. The AEO Compliance Programme is voluntary and is aimed at rewarding compliant traders who meet specified criteria, such as an appropriate record of compliance with customs and other related laws and regulations, among others.

NamRA Head of Customs and Excise Willbroad Poniso, while addressing traders and companies at an awareness session on the AEO Programme in Walvis Bay on Friday, emphasised the importance of companies becoming AEOs. He also spoke of its immense potential for transforming the landscape of trade facilitation within Namibian borders, as it is part of the broader AEO Programme of the World Customs Organisation (WCO).

“NamRA acknowledges the pivotal role that traders play in our economy, and we are fully committed to supporting your growth and success. Becoming an AEO can gain companies a competitive edge, expedite your customs clearance processes, reduce costs, enhance security, and strengthen your relationships with trading partners across the globe,” he added.

The awareness session was aimed at creating awareness and providing valuable insights into the programme, its benefits, and the indispensable role it plays in fostering international trade.

NamRA AEO Coordinator Fransina Shigwedha noted that the programme, which is voluntary, is important in Namibia as it is a flagship for trade facilitation, improving efficiency as NamRA wants to assist traders in meeting their clients in the fastest way possible.

“The programme also offers mutual recognition which enables a trader to enter agreements with third parties; it can be China, the European Union or SACU, where our traders will be recognised and will receive the same benefits from those trading partners,” she expressed.

The agency officials highlighted the significance of compliance with customs and tax laws, adding that it is crucial that every company ensures that their records are in accordance with regulations during the assessment process, enabling them to qualify for accreditation.

Namib Mills is currently the only company that is accredited as an AEO in Namibia.

Source: The Namibian Press Agency