Currently fuel levies accruing to the RFA are set at N$1.14 per litre of petrol or diesel sold.
The fund also paid N$130 million for the fuels road delivery subsidy system to the rural and outlaying areas of the country.
NEF further paid N$50 million to NamPower to subsidise the cost of importing electricity and N$30 million to the Electricity Supply Industry for the distribution of electricity for local authorities which are not in areas with a Regional Electricity Distributor.
“I am pleased to report that we have recorded an increase in the demand for solar systems, especially in the communities living off-grid. During the financial year 2016/2017, the fund successfully financed 628 loans amounting to N$17 million,’’ Kandjoze said.
He added that despite the low crude oil prices, the ministry had continued to promote Namibia’s hydrocarbon potential to attract investments, which will enhance chances of an economic oil discovery.
The ministry has so far issued one production licence, 35 exploration licences and four reconnaissance licences.
Large oil companies such as Shell, Azinam, Tullow and Galp have acquired petroleum exploration licences and continue doing exploration activities in Namibia.
Meanwhile, the minister has defended the controversial National Fuel Storage Facility, whose cost has ballooned to a reported N$5,5 billion, saying the planned project is of strategic importance.
“The project is there to ensure the security of supply and upon completion, the supply of fuel and petroleum products will increase to 30 to 45 days,” Kandjoze said.
The project is made up of petroleum loading and off-loading facilities, a pipeline and the tank farm for fuel storage.
“At the moment, the overall project construction progress is more than 60 percent and the project is on track with completion expected in early 2018,’’ the minister said.