Fuel prices to remain unchanged

03 Apr 2016 11:10am
WINDHOEK, 03 APR (NAMPA) – The fuel pump prices for April 2016 will remain unchanged, Minister of Mines and Energy Obeth Kandjoze announced on Friday.
This means that 95 unleaded petrol will remain N.dollars 10.04 per litre; diesel 500 parts per million (ppm) N.dollars 9.42 per litre; and diesel 50ppm N.dollars 9.47 per litre.
“The average exchange rate over the past month remained high at around N.dollars 15.50 per US dollar and this state of affairs has as well contributed to the under-recoveries recorded for the period reviewed,” Kondjoze said in a media statement.
He explained that a slow-down in oil production in the United States over the past month pushed up the average freight on board (FOB) prices for refined hydrocarbons as the oil market continues to target the US dollar 80/barrel recovery price.
Due to the increase in average FOB prices, the basic fuel price Unit Rate Slate calculations for the past month recorded under-recoveries on all the regulated petroleum products.
These under-recoveries are, however, low and therefore the Ministry of Mines and Energy directed the National Energy Fund to offset the under-recoveries rather than passing them on to local consumers at the fuel pump, he stated.
(NAMPA)
ANS/CT/AS