WINDHOEK, JAN 3 – The Ministry of Mines and Energy has announced that pump prices for January 2022 will remain unchanged, stemming from the December 2021 price adjustments that brought local pump prices on par with international oil prices.
In a statement, the ministry said that it had completed the price review for January and that after successive months of surging global oil prices, the market was relatively stable.
Said the ministry, “Although still high, the average prices of refined petrol and diesel decreased by US$7 in December 2021, from an average of US91 in November to an average of US$84 in December 2021.”
In addition, the local currency depreciated slightly against the US Dollar from an average N$15.53 in November 2021 to an average of N$15.92. The December fuel price adjustment led to the recording of “slight over-recoveries” during that month according to the ministry.
“Owing to the aforementioned factors which played out during the month of December, over-recoveries were recorded as follows: 21.079 cents per litre was recorded on petrol while 50 ppm diesel recorded an over-recovery of 18.936 cents per litre. It is for that reason that the Ministry has resolved to keep fuel pump prices for January 2022 unchanged. The National Energy Fund (NEF) will pay over N$110 Million for under-recoveries recorded last month,” read the statement.
Petrol pump prices in Walvis Bay (port of entry) will remain N$15.65c/l and diesel price will remain N$15.58c/l. Fuel pump prices countrywide will also remain unchanged. – firstname.lastname@example.org