Guest Contributor | Feb 22, 2024 | 0
Fuel prices in April to decrease as COVID-19 affects international oil prices
The Ministry of Mines and Energy recently announced that prices of petrol and diesel will decrease by N$1.70 and N$1.20 a litre respectively effective 1 April.
The Minister of Mines and Energy Tom Alweendo said the international market is greatly impacted by the ongoing COVID-19 outbreak.
“The global demand for oil products has weakened in the process oil-producing majors do not seem to agree among themselves on production cuts, leaving the oil market flooded and over-supplied with petroleum products,” he said.
Furthermore, Alweendo attributed the decrease of fuel in Namibia to the over-recoveries per product on the Basic Fuel Price import parity landed in Walvis Bay hence the fuel pump price adjustments.