Fuel prices unchanged for April
27 Mar 2019 20:40pm
WINDHOEK, 27 MAR (NAMPA) - The Ministry of Mines and Energy has announced that petrol and diesel pump prices will remain unchanged for the month of April.
Mines and Energy Minister Tom Alweendo announced this in a statement issued Wednesday.
He explained that international oil market results indicate that the average oil barrel prices for refined oil, as well as the average exchange rate values, have increased from the final values recorded last month.
The increase in oil prices is attributed to Organisation of Petroleum Exporting Countries (OPEC) supply cuts and US sanctions against producers Iran and Venezuela, whereas the Namibian Dollars depreciation against the US Dollar is attributed to general concerns of a slowdown in global growth which pushed investors away from riskier assets.
The National Energy Fund, which manages the State account for fuel price stabilisation purposes, is in a healthy financial position, and thus the ministry has resolved to finance the under-recoveries recorded during this month, and keep the local pump prices stable and unchanged for April 2019, Alweendo said.
Walvis Bay pump prices currently stand 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.