Fuel prices remain unchanged for November

of Mines and Energy Tom Nambahu have on Monday announce that fuel prices for the month of November will remain the same because global oil market has been stable throughout the month of October.

Nambahu announced this a media statement on Monday that says that, there were no major events to trigger major fluctuations in the prices of refined oil, and as on average, prices came down compared to the preceding month.

It said that moreover, there was no significant fluctuations in the exchange rate between the Namibian dollars against the US Dollar throughout the month of October, and It slightly depreciated, on average, from N.dollar 14.80 in September 2019 to N.dollar 14.90 in the period under review.

Naturally, under-recoveries triggers a fuel price increase at the pumps locally. However this time around, the National Energy Fund will spare consumers the pitch at the pumps by subsiding the under-recoveries, said Nambahu.

It further added that the ministry will thus keep fuel pump prices for the month of November 2019 unchanged and the fuel prices will go as follow, 95 Octane Unleaded Petrol is at N.dollar 13.05 per litter while Diesel is N.dollar 13. 63 per liter.

SOURCE: NAMIBIA PRESS AGENCY