Guest Contributor | Feb 27, 2024 | 0
Relief for motorists as fuel pump prices remain unchanged in April
The fuel pump prices for the month of April will remain unchanged, acoording to the Ministry of Mines and Energy.
Mines and Energy, Minister, Tom Alweendo in a statement said the results of the latest fuel price review indicate that the oil importers paid less than the Basic Fuel Price at Walvis Bay to bring fuel products into the country.
“However, the final figures recorded are not sufficient enough to trigger an adjustment in the local pumps,” Alweendo said.
The technical analysis of the Basic Fuel Price Unit Rate Slate calculations indicate that the average Free On Board prices per barrel has remained stable for ULP 95 and for both Diesel grades.
Additionally, the over-recoveries recouped by the oil companies will be paid over to the National Energy Fund to enable future equalization of the fuel prices when they are under recoveries recorded.
Meanwhile, the ministry has resolved to declare Ondangwa as a fuel pricing depot as of effect from 1 April.
Alweendo said, “the ministry finds it in the best interest of all parties,government and the oil industry, for Ondangwa to become a pricing town for fuel.”
According to the minister, the resolution will enable the Energy Fund to benefit by reducing the road subsidy rates that it pays to fuel distributors while the wholesalers will benefit through economies of scale by transporting small amounts of fuel products on the road as compared to bulk volumes by rail.