Higher international oil prices

Tujoromajo Kasuto Higher international oil prices have manifested in the Namibian economy, as a higher bill for fuel, with the import bill now having skyrocketed by 119.6 percent to N$5.4 billion in the first quarter of 2022 compared to the first quarter of 2021. According to the Bank of Namibia’s Quarterly Bulletin for June 2022, this is due to higher international oil prices caused by the Russia-Ukraine war, as well as an increase in imported volumes, which put upward pressure on the import bill for mineral fuels. ‘’Mineral fuel makes up a substantial share of total imports and has been…