Pump prices remain unchanged
30 Mar 2017 18:30pm
WINDHOEK, 30 MAR (NAMPA) Pump prices for petrol and diesel will remain unchanged in April, said Minister of Mines and Energy Obeth Kandjoze on Thursday.
In a statement, Kandjoze explained that not lowering the pump prices is to stabilise and strengthen the National Energy Fund (NEF) with regards to the Fuel Equalisation Levy account, despite the global outlook.
He said the market remains flooded after other oil producers took advantage of the largest contributor, Saudi Arabia, deciding to cut production since November 2016 when the Organisation of the Petroleum Exporting Countries (OPEC) urged members to harvest less of the resource.
This became evident in March 2017 when inventories and signs of resurgent U.S (United States) shale sector sent prices down by 10 per cent.
The Walvis Bay price for 95 Octane Unleaded Petrol remains at N.dollars 11 per litre; Diesel 500 parts per million (ppm), N.dollars 10.83 per litre; and Diesel 50 ppm, N.dollars 10.88 per litre. Fuel pump prices countrywide remain unchanged.
Kandjoze said the average exchange rate also dropped slightly to about N.dollars 12.91 per U.S. Dollar over the period reviewed.
The slight Namibian Dollar appreciation against the US Dollar had a minimal but positive effect on the over-recoveries recorded.
Kandjoze noted that the Basic Fuel Price (BFP) Unit Rate Slate calculations for the past month recorded moderate over-recoveries on all the regulated petroleum products.
The over-recoveries per product on the BFP import parity landed in Walvis Bay calculated as at 25 March 2017 are: 95 Octane Unleaded Petrol, 38.863 cent per litre; Diesel 500 parts per million (ppm), 23.219 cent per litre; and Diesel 50 ppm, 27.542 cent per litre.