Fuel prices to remain unchanged in March

26 Feb 2015 17:50pm
WINDHOEK, 26 FEB (NAMPA) – The price of petrol and diesel will remain unchanged as of 01 March 2015.
The Ministry of Mines and Energy (MME) announced in a media statement on Wednesday that no fluctuation in the price of crude oil was observed during the month of February.
Thus, 95 Octane Unleaded Petrol remains at N.dollars 9,59 per litre countrywide, while Diesel 500 parts per million (ppm) stays at N.dollars 9,82, and Diesel 50ppm at N.dollars 9.92 per litre.
Mines and Energy Minister Isak Katali was quoted in the statement as saying that the exchange rate between the Namibian Dollar and main international trading currency, the US Dollar, was however high at an average of N.dollars 11.57 per US Dollar, and since oil is traded in US Dollars on international markets this meant a low demand for oil.
“Even though the oil market remains oversupplied, the production of oil has been gradually moving to full capacity while the demand for oil has remained more or less constant since mid-last year,” he said.
He further noted that Namibian oil traders will continue to import commodities at a relatively low price in the foreseeable future, given the Organisation of the Petroleum Exporting Countries (OPEC) does not suddenly decide to cut its current production level as this will have an immediate upward effect on the price of oil.
Furthermore, Katali said the relatively low oil prices will continue to stimulate growth across the whole economic spectrum throughout the country.
(NAMPA)
ANS/ND