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Fuel prices in April to decrease as COVID-19 affects international oil prices

Posted by The Staff Reporter | Mar 30, 2020 | Extra

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.

About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.