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Fuel Prices to remain unchanged for November

Fuel Prices to remain unchanged for November

Business Reporter

THE Ministry of Mines and Energy has announced that fuel prices will remain unchanged for the month of November as the global oil market remained relatively stable throughout the month of October 2019. 

 

This means that 95 Octane unleaded petrol will cost consumers N$13.05 per litre, while Diesel 50 ppm will cost N$ 13,63 per litre. 

 

In a press statement, the minister of mines and energy, Tom Alweendo, stated that there were no major events to trigger major fluctuations in the prices of refined oil, and as on average, prices came down compared to the preceding month.

UNCHANGED: Photo for illustrative purposes only. Photo: Contributed

Alweendo further said that there were no significant fluctuations in the exchange rate between the Namibia dollar against the US dollar throughout the month of October as it slightly depreciated, on average, from N$14,80 in September 2019 to N$14,90 in the period under review.

 

“Naturally, under-recoveries trigger a fuel price increase at the pumps locally. However, this time around, the National Energy Fund will spare consumers the pinch at the pumps by subsiding the under-recoveries,” Alweendo stated.

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