Fuel prices remain unchanged in September
04 Sep 2013 06:40
WINDHOEK, 04 SEP (NAMPA) - The prices of controlled petroleum products, petrol and diesel will remain unchanged for the month of September.
The Minister of Mines and Energy, Isak Katali announced this in a media statement issued here on Wednesday.
This means 95 Octane Unleaded Petrol will remain at N.dollars 11,66 per litre; while the price for Diesel 500 parts per million (ppm) will remain at N.dollars 11,82 per litre.
The newly-introduced Diesel 50ppm will remain at N.dollars 11,88 per litre.
The minister said the month of August was no different from July, as it was apparent that fuel prices were not favourable to non-oil producing countries, yet given the continuous strengthening of the United States (US) dollar against the local currency.
Katali said despite an abundance of oil supplies and the fact that Syria is a minor oil producer, the global market for crude towards the end of July has been dominated by worries about the Middle Eastern country.
He said investors are watching the tense situation between the West and Syria. Thus, the level of volatility in the market might increase as speculators will use the opportunity to hedge against the oil futures.
It is therefore not clear when the international oil prices will stabilise given the recent crisis in Syria and the unresolved political issues in Egypt, said the minister.