Guest Contributor | Jul 29, 2020 | 0
Fuel prices remain unchanged
Fuel prices for December will remain unchanged due to import price stability and barrel prices at low margins according to the Ministry of Mines and Energy.
The average price shipping bill came in low for refined oil, dropping by 5.23%. The Average Freight Rate Assessment decrease will have a good effect on recoveries of fuel prices seeing the downward result on nationwide fuel pump prices.
Unleaded Petrol 95 decreased by 5.36% per barrel which means pump prices will remain at N$10.49 per litre with the average price per barrel pegged at N$811.879.
Diesel 500 ppm will also decreasing by 3.73% standing at an average of N$798.561 per barrel and a pump prices of N$10.42 per litre.
Diesel 50 ppm traded at an average price of N$809.762 per barrel, a decrease of 3.35% and N$10.52 per litre at the pump.
The Ministry of Mines and Energy said that import price stability for refined oil and fuel products effect on the general fuel pump prices and vice versa. The over recoveries recorded on all the products were too low to warrant any adjustments.
Meanwhile, the Namibian dollar weakened further against the U.S dollar. The average exchange rate stands at N$14.0187 per US$ compared to N$13.5220 per US$ for the preceding period. This represents a Namibia dollar depreciation of 3.54% relative to the US$. Oil trading is conducted with the USD around international markets from which Namibian companies import refined hydrocarbons.
The ministry indicated that Petrol and diesel pump prices at various inland destinations countrywide will also remain unchanged.