August fuel prices to remain static
Fuel prices for petrol and the for both diesel 50ppm and diesel 10ppm will remain unchanged throughout August, the Ministry of Mines and Energy announced on Friday.
The price of petrol will remain at N$19.78 per litre, diesel 50 ppm will remain at N$19.05 per litre, and diesel 10 ppm will remain at N$19.25 per litre.
The prices will remain unchanged despite the reasonable under-recoveries recorded, the Ministry further announced.
“The National Energy Fund, through the equalization levy, will absorb the under-recoveries recorded on-behalf of fuel consumers,” the minister said.
Meanwhile, oil prices continued to rise throughout July 2023 mainly due to OPEC’s oil cutback strategy and optimistic forecasts recently published by the International Monetary Fund (IMF).
