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Fuel prices in May to remain unchanged

Fuel prices in May to remain unchanged

The Mines and Energy Ministry has announced that the fuel pump prices for May 2021 will remain unchanged, meaning petrol will remain at N$13.15 per litre while diesel will remain at N$ 13.18 per litre.

The decision was based on the fact that the current review has a relatively low under-recovery of 38 cents on petrol and an over-recovery of 14 cents on diesel.

Spokesperson in the ministry, Andreas Simon said oil prices have suddenly stabilized after a continuous increase for nearly five months in a row.

During April, the per barrel prices of petrol across the international product market have slightly decreased from USD73.64 to USD73.63 while those of diesel decreased from about USD68.55 to USD66.89 during the current review.

“The current review has shown a sudden stabilization in especially the barrel prices of oil which is very different from the volatile prices that were recorded over the last few months,” Simon said.

However, Simon said, the international oil market is a very volatile environment, and oil prices can swing in any direction at any given moment.

“The ministry will, however, continue to monitor the global oil market developments and take the best possible decisions to safeguard the interests of Namibian fuel consumers,” he added.

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys