Fuel prices remain unchanged for August

Fuel prices will remain unchanged for August, the Ministry of Mines and Energy has announced.

The ministry, in a media statement issued by minister, Tom Alweendo on Thursday stated that the average exchange rate showed promising signs since the last review, whereby the Namibia Dollar appreciated against the US Dollar at an average of N.dollars 14.03 per US Dollar.

The average exchange rate for June 2019 was N.dollars 14.57 per US Dollar.

'This analysis entails that the current increases in barrel pries are countered by the appreciation of the Namibia Dollar against the US Dollar. Therefore, the cost recovery model on which the final pump prices are based remained in a relatively stable position,' Alweendo said.

Fuel pump prices in Walvis Bay will remain as follows: 95 Octane Unleaded Petrol will remain at N.dollars 13.05 per litre and Diesel 50ppm, N.dollars 13.63 per litre.

Source: Namibia Press Agency