Fuel pump prices to remain unchanged for November

The Ministry of Mines and Energy has announced that fuel pump prices for both petrol and diesel will remain unchanged for the month of November.

In a media statement availed to Nampa on Wednesday, the ministry said minimal under and over-recovery were recorded, and the ministry will continue to lessen the burden on consumers and keep fuel pump prices stable in order to ensure the sustainability of National Energy Fund.

The fuel pump price for diesel in Walvis Bay will thus remain at N.dollars 11.58 cents per litre, while petrol prices will remain at N.dollars 11.65 per litre.

“The ministry encourages all fuel retail operators to adhere to this decision. In general, a host of factors influence fuel prices locally. However, this month the ministry has seen only a few play out namely the international prices of refined petroleum products, the exchange rate between the Namibian Dollar against the US Dollar and the cost of shipping the petroleum products from the international market to our shores referred to as freight. Focusing on the month of October 2020 the ministry’s review exercise indicated that international prices for refined petrol and diesel have remained relatively stable,” the statement reads.

Source: Namibia Press Agency