The Ministry of Mines and Energy announced that fuel pump prices will remain the same for the month of April and that petrol will still cost N$12, 05 per litre while 50 ppm diesel will cost N$13, 13 per litre at Walvis Bay.
In an official announcement the Ministry of Mines and Energy said the that the slight increase and stabilization in global oil prices combined with the appreciation of the Namibian Dollar against the United States Dollar has led to relatively stable fuel prices in Namibia.
A slight increase in oil prices is attributed to OPEC supply cuts and US sanctions against producers such as Iran and Venezuela whereas the Namibian Dollar’s depreciation against the US Dollar is attributed to general concerns of a slowdown in global growth which pushed investors away from riskier assets.
The volatility in the global market impacted on local pump prices.in this instance, the volatility have shown a destabilising effect on the final pump prices set by the Government, resulting in under-recoveries on all products.
“However, the National Energy Fund, which manages the State Account for fuel price stabilisation purposes, is in a healthy financial position and the Ministry has thus resolved to finance the entire under-recovery amount on behalf of fuel consumers. Therefore, instead of increasing the pump prices, the Government will finance the under-recoveries recorded during the past month and keep the local pump prices stable and unchanged for April 2019.”
Fuel pump prices will remain the same as in March and petrol will still cost N$12, 05 per litre while 50 ppm diesel will cost N$13, 13 per litre at Walvis Bay which means pump prices further inland will also remain the same as last month.