Fuel prices unchanged for May
28 April 2021 | Energy
This is mainly thanks to a stabilisation of oil prices after a continuous increase for nearly five consecutive months.
In a media release by the ministry, senior public relations officer Andreas Simon said that the international oil market has been hit by fears of a slow-down in oil demand after India - the world's third largest oil importer after China and the USA - imposed restrictions as coronavirus infections and deaths surged to record highs.
"Japan, the world's fourth largest oil importer, is also expected to announce a wave of lockdowns due to Covid-19. Fears of a decline in the demand for oil across Asia are however, counteracted by the decline in Libya's oil production due to internal problems. These developments have a direct impact on the global demand and supply equation for oil, and the markets have reacted accordingly," Simon said.
Furthermore, the exchange rate has appreciated against the US dollar, which also contributed to the price stabilization.
Thus, the fuel pump prices in Walvis Bay remain at N$13.15 per litre of petrol, and N$13.18 per litre for diesel. The prices across the rest of the country remain unchanged at their current respective levels.