THE Ministry of Mines and Energy announced that fuel prices will remain unchanged for the month of August which means a second month of respite for Namibian consumers.
In the official announcement the Ministry of Mines and Energy said that the Namibian Dollar appreciated slightly against the United States Dollar and despite an increase in price per refined barrel of fuel because of tensions in the Middle East and an uncertain oil market during July 2019, enough costs has been recovered to leave the local fuel prices unchanged.
According to the energy ministry the fluctuation was not big enough to escalate the cost of fuel imports into the under recovery territory.
“Based on the market indicators and favourable over-recoveries recorded during the trading cycle under review the ministry announces that the fuel pump prices for August 2019 will remain unchanged. The over-recoveries will be channelled to the National Energy Fund for safekeeping to soften potential shocks in fuel prices in the future.”
In this regard pump prices Walvis Bay will remain at N$13, 05 per litre for 95 Octane Unleaded Petrol and N$13, 63 per litre for 50 ppm diesel.