Fuel prices for December remain unchanged: Kandjoze
01 Dec 2016 15:00pm
WINDHOEK, 01 DEC (NAMPA) - Local pump prices for petrol and diesel will remain unchanged for December 2016.
Fuel prices increased in June and July this year, remained unchanged in August, decreased in September and again remained unchanged in October and November.
Minister of Mines and Energy, Obeth Kandjoze announced Decembers prices in a media statement issued Thursday.
95 Octane unleaded petrol will remain at N.dollars 10.48 per litre; diesel 500 parts per million (ppm) at N.dollars 10.28 per litre; and N.dollars 10.33 for diesel 50 ppm.
Kandjoze said that despite low oil prices on the international market, the value of the Namibia Dollar against the US Dollar translates into imports remaining expensive.
For a net-importer like Namibia, low oil prices naturally translate into low fuel pump prices. However, despite the low oil prices, the exchange rate between the Namibia Dollar against the US dollar has increased, thereby making imports expensive, he said.
This development offsets the benefits otherwise brought about by low oil prices.
Kandjoze said the local market pulled through November 2016 with a mixture of under and over-recoveries on different products.