Fuel prices to remain unchanged in July
The Mines and Energy Ministry announced that fuel prices will remain unchanged this month. Petrol will remain at N$10.35 per litre while diesel remains at N$11.13 per litre.
This is despite international oil prices have increased on average US$12 per barrel month-on-month.
Under normal circumstances, under-recoveries warrant an increase of local fuel pump prices, however, Andreas Simon, spokesperson the ministry said government is mindful of the fact that the economy is still bleeding due to the Covid-19 effects.
“The National Energy Fund will, this month, absorb the full under-recoveries recorded and the Ministry will monitor the market in the months ahead to assess how best the prevailing pump prices can be brought on par with the market prices as the market forces currently dictate,” Simon said.
After the oil price crash in April, the global oil market has begun to pick itself up as countries begin to open up their economies following the lockdown. As a result, demand for oil has started to surge and so have the prices of various petroleum products.