WINDHOEK, 30 MAR – Fuel prices for April will remain unchanged, Minister of Mines and Energy, Tom Alweendo announced on Thursday.
In a media release, he said the results of the latest fuel price review indicate that the oil importers paid less than the basic fuel price at Walvis Bay to bring fuel products into Namibia.
However, the final figures recorded are not sufficient enough to trigger any adjustment in the local pump prices.
Alweendo stated that technical analysis of the Basic Fuel Price Unit Rate Slate calculations indicate that the average Free on Board prices per barrel has remained stable for ULP 95 and for both Diesel grades.
Barrel prices for refined oil traded at an average of U.S.dollars 76.560 for ULP 95, and U.S.dollars 76.779 for Diesel 500ppm and Diesel 50ppm respectively.
The Basic Fuel Price Unit Rate Slate calculations for the past month recorded over-recoveries on the price regulated petroleum products.
The average exchange rate also remained stable at N.dollars 11.8217 per U.S.dollar over the period reviewed.
The over-recoveries recouped by the oil companies will be paid over to the National Energy Fund to enable future equalisation of the fuel prices when there are under-recoveries recorded.