Staff Reporter
THE Minister of Mines and Energy has announced that fuel prices have been reduced with N$1,20 for petrol and N$0,65 cents for diesel.
The fuel review of the fuel prices is done monthly based on a market assessment. Last month the fuel prices remained unchanged, except for dealer margins.
Alweendo stated that decreasing fuel prices internationally and appreciating currency levels caused over-recoveries of N$3 on petrol and N$1 on diesel, adding that this means that a price decrease can be passed on the consumer.
We have adjusted the price of petrol by N$1,20 and diesel by N$0,65, bringing petrol down to N$21 and diesel N$22, the minister of mines and energy said.
Touching on a long-term solution with regard to curbing rising fuel prices, Alweendo explained that over the longest of time, most oil refineries are in Europe and added that there is a need for regional refinery, which would cater for African countries producing oil.
This, Alweendo stated, would allow for controlling of oil as well as gas prices. The minister further alluded towards a joint agreement between Southern African Development Community (SADC) countries to set this refinery up, urging that there is a need to combine resources as it would cost billions to carry out the undertaking.
The mines minister added that this is not a one stop solution as most fuel prices are impacted by extraction costs, however cutting out transportation cost from European countries would impact prices as well.
