Fuel Prices Unchanged

THE Ministry of Mines and Energy has announced that fuel pump prices will remain unchanged in April.

The Walvis Bay fuel pump prices are N$12,29 per litre for 95 Octane unleaded petrol, N$12,82 per litre for diesel 500ppm and N$12,92 per litre for diesel 50ppm.

Mines and energy minister, Isak Katali said yesterday the exchange rate between the Namibia dollar and the US dollar has remained on a depreciating trend, partly caused by quantitative easing in the US and labour unrest in South Africa at the beginning of February.

“It threatened the prices of imports on the local market and the oil industry was no exception from these aerse effects. This led to a mixture of both under and over recoveries on the local market and petrol, but not as huge enough to trigger a fuel adjustment,” Katali said. The rand is at par with the Namibian dollar and its movements affects the values of the dollar.

Katali said after 2012-13 dealer margin survey was completed, it emerged that profit margins of service station owners are low and need to be adjusted.

He said it is for that reason that the ministry granted a four cents per litre increase in the dealer margins.

Source : The Namibian