Petrol and diesel prices unchanged for March
03 Mar 2018 14:10pm
WINDHOEK, 03 MAR (NAMPA) Pump prices for petrol and diesel will remain unchanged in the month of March, Minister of Mines and Energy, Tom Alweendo announced in a statement on Friday.
The Walvis Bay price for 95 Octane Unleaded Petrol is at N.dollars 11.70 per litre, Diesel 500 parts per million (ppm) N.dollars 11.73 per litre, and Diesel 50 ppm N.dollars 11.78 per litre.
Alweendo said following political events in South Africa, an appreciation in the Namibia Dollar against the United States (U.S) Dollar was recorded during the month of February, from an average N.dollars 12.40 in January to N.dollars 11.80 in February.
This means that oil companies paid less in terms of the local currency in February compared to January to bring fuel to Namibias shores.
He further explained that oil is priced in U.S Dollar and the exchange rate during the period under review played a major role.
Also, the average price for a refined barrel of oil was U.S.dollars 76 for both petrol and diesel, compared to last months average of U.S.dollars 79 per barrel.
This is a significant decrease within a short period of time and its impact on the price takers (oil-importing countries) brings some relief, Alweendo stated.
The over recoveries will be absorbed by the National Energy Fund in order to strengthen its financial capacity to subsidise possible future increases in the fuel prices caused by unforeseen circumstances of the global oil market.