Fuel prices remain unchanged

30 June 2020 | Energy

The ministry of mines and energy announced that fuel pump prices will remain unchanged at N$10.35 per litre for petrol and at N$11.13 for diesel (at the port of Walvis Bay).
Since April, when oil prices crashed, the market has begun to pick up again as countries start opening their economies following lockdowns in March due to Covid-19. As a result, demand began to surge, with prices increasing from U$32 and U$31 respectively for petrol and diesel in May, to U$44 for both products in June. Moreover, the exchange rate between the Namibia dollar and the US dollar has been relatively favourable, appreciating from an average of U$ 18.15 in May to N$17.01 in June. However, this appreciation was not strong enough to offset the corresponding increase in the international price of fuel.
In other news, the ministry said that no applicants and/or drawings for new fuel retail sites and wholesale licenses will be accepted or received until 31 December 2020. However, applicants for consumer installation certificates and amendments for all existing and operating licences will be received and processed as usual.

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