Fuel prices remain unchanged

The Ministry of Mines and Energy (MME) on Friday announced that both petrol and diesel prices will remain unchanged at Walvis Bay.

MME in a statement said that petrol will remain at N.dollars 22.88, diesel 50ppm at N.dollars 23.15 and diesel 10ppm at N.dollars 23.35 and that the National Energy Fund will absorb the under-recoveries of N.dollars 0.33 and N.dollars 0.23 cents per litre on the diesel grades.

“Oil prices experienced a significant decline of over USD 5 in October due to a decrease in fuel demand, which outweighed the decision made by OPEC+ to maintain a reduction in oil production; thereby keeping the supply constrained. The supply of diesel, which serves as a proxy of demand, fell to around eight million barrels per day, its lowest point since the beginning of the year. Additionally, crude oil prices declined approximately by USD 10,” the statement read.

Furthermore, the exchange rate figures for the period of 01-23 October 2023 indicate a 0.57 per cent depreciation of the NAD against the USD at the end of September this year and increasing the foreign exchange burden to import fuel to Namibia, it said.

“The ministry intends to maintain fuel prices which align to fluctuations in the market, with the primary goal of safeguarding the nation’s fuel supply, given this, we hold optimism that the circumstances will remain positive in the near future,” MME said.

Source: The Namibian Press Agency