Fuel prices to remain unchanged in July
26 Jun 2014 17:50pm
WINDHOEK, 26 JUN (NAMPA) - Motorists countrywide can happily look forward to unchanged petrol prices and decreased diesel prices for the month of July.
A media statement issued by the Ministry of Mines and Energy (MME) on Wednesday said the month of June started off with a drastic drop in the cost of shipping oil to Walvis Bay, despite a spike in crude oil prices at US.dollars 113 (N.dollars 1194.64) per barrel.
The cost of shipping oil to Walvis Bay decreased from US.dollars 130 (N.dollars 1374.36) to US.dollars 110 (N.dollars 1162.92).
Mines and Energy Permanent Secretary Kahijoro Kahuure was quoted in the statement as saying that the beginning of June saw Brent crude oil prices on a steady course, with fewer fluctuations as was the case in the previous month.
Oil markets at the moment are, however, sensitive to potential disruptions of a global oil supply balance in an environment of low surplus production capacity.
The exchange rate between the Namibian dollar against the US dollar has weakened slightly, partly making imports expensive, but not enough to increase the cumulative costs of bringing oil to our shore. It averaged over N.dollars 10,60 in the period under review, he explained.
Thus, 95 Octane Unleaded Petrol remains at N.dollars 12,29 per litre countrywide.
Diesel 500 parts per million (ppm) will be decreased from N.dollars 12,82 to N.dollars 12,62 per litre, and Diesel 50ppm will be adjusted from N.dollars 12,92 to N.dollars 12,72 per litre in Walvis Bay.