Guest Contributor | Jan 17, 2023 | 0
Fuel price remains unchanged in January
The price of petrol will remain unchanged at N$16.65 per litre while the price of diesel will remain N$15.58 per litre during the month of January, the Mines and Energy Ministry announced.
Spokesperson of the ministry, Andreas Simon said after successive months of surging global oil prices, the market is now relatively stable. Although still high, the average prices of refined petrol and diesel decreased by US$7 in December 2021, from an average of US$91 in November 2021 to an average of US$84 in December 2021.
The domestic fuel prices are determined by international oil prices and by the US Dollar to Namibia Dollar exchange rate. The local currency depreciated slightly against the US Dollar, from an average of N$15.53 in November 2021 to an average of N$15.92.
“Moreover, the December 2021 fuel price adjustment has brought our local pump prices on par with the international oil prices, hence slight over-recoveries are recorded during the month of December 2021,” Simon said.
The ministry recorded over-recoveries of 21.079 cents per litre on petrol while 50ppm diesel recorded an over-recovery of 18.936 cents per litre.
The National Energy Fund will pay over N$110 Million for under-recoveries recorded last month.