July fuel pump prices to fall

The Ministry of Mines and Energy announced that petrol and diesel pump prices for July will decrease on 5 July.

According to the ministry, the current Walvis Bay pump prices are high and the new pump prices will be 95 Octane Unleaded Petrol at N$ 10.50 per litre while diesel 500ppm will be pegged at N$ 10.33 per litre and diesel 50ppm will be N$ 10.38 per litre

Petrol and diesel pump prices at various inland destinations countrywide will also be adjusted accordingly.

The ministry in their statement said the exchange rate between the Namibia Dollar against the US Dollar prompted the developments, as the exchange rate was favourable.

“This means that importing fuel to our shore was less costly in June compared to the preceding month of May,” the ministry said.

Moreover, the ministry said the cost for shipping oil tankers also decreased in June as assessed by the London Tankers Broker, recording US$145.70 per metric tonne compared to US$151.30 in May.

When all the aforementioned cost elements were filtered through the local market, the ministry said that substantial over-recoveries were recorded. “For the past few months consumers have not gotten a relief at the pumps because the results of the Basic Fuel Price model were not favourable,”they added.

“It is only fair that consumers get some relief this time around when the conditions are favourable,” they said in the statement.