Fuel pump prices to remain unchanged

March 4, 2018, 3:58pm

The Ministry of Mines and Energy has announced that the prices of fuel for March will remain unchanged.

Although refined crude oil prices are still hovering above US$75 per barrel, a situation sustained only by the OPEC agreement to cut supply in order for some members to balance their budgets, the month of February has not been bad for net importers of oil like Namibia.

The ministry confirmed that the prevailing prices are relatively bearable and that hopes can only be added to those of other importers, particularly in the Sacu region, that prices remain stable below the US$80 per barrel threshold for the sake of local fuel pump prices.

During the period under review, the average price for a refined barrel of oil was US$76 for both petrol and diesel.

This is US$2 lower than last month’s average of US$79 per barrel, a significant decrease within a short period of time and its impact on the price takers (oil-importing countries) brings some relief, the minister, Tom Alweendo said.

The exchange rate between the Namibian dollar against the US dollar has never been lower in over three years.