FUEL prices in Namibia will remain at the current price for the month of June.
The Ministry of Mines and Energy in a statement said that the drop in demand for oil since the world introduced lockdown measures to curb the spread of the COVID-19 pandemic over international borders caused a sharp drop in oil prices in April. The price of crude oil remained low throughout May.
Oil producing countries has agreed to lower production which is set to increase the price for crude oil per barrel. On the demand side of the refined products business equation, increases are expected in the near term as more and more countries continue to ease their respective lockdown restrictions.
The Namibian Dollar also remained stable and even strengthened a little against the United States Dollar. On average US$1 exchanged for N$18.4 in comparison to an average N$18.5 at the end of April.
According to the energy ministry there was an over recovery on diesel and an under-recovery on petrol.
“The under-recovery on Petrol found the National energy Fund in a healthy financial position and will thus be absorbed in its entirety on behalf of local fuel consumers.”
The fuel pump prices in Walvis Bay as the port of entry will remain at N$10.35 per litre of petrol and at N$11.13 per litre of diesel.