Fuel prices unchanged for March
01 Mar 2019 16:30pm
WINDHOEK, 01 MAR (NAMPA) Fuel prices will remain unchanged for March, Minister of Mines and Energy, Tom Alweendo has announced.
The exchange rate between the Namibian Dollar and US Dollar strengthened during the period under review, but not enough to offset the adverse effects of increasing oil prices, the minister said in a media release issued Friday.
The exchange rate moved from an average of N.dollars 14 in January to N.dollars 13.70 in February 2019.
Alweendo said as the Organisation of the Petroleum Exporting Countries (OPEC) cut supply into the global oil market towards the end of January and into February, oil prices started picking up, thereby making a big turn from a decreasing trend recorded since October 2018 into an increasing trend that saw oil prices moving from averages of US.dollars 58 and US.dollars 69 per barrel of refined petrol and diesel respectively.
The ministry had therefore resolved to keep the fuel prices unchanged for March.
Walvis Bay pump prices which are currently at N.dollars 12.05 per litre for 95 Octane Unleaded Petrol and N.dollars 13.13 per litre of diesel 50 parts per million, will therefore remain as is in March.