The Ministry of Mines and Energy has announced that the price for petrol will decrease by 100 cents per litre effective 05 October 2022, while the price of diesel will remain unchanged.
A statement issued on Monday by the ministry said petrol will now cost N.dollars 20.03 per litre, while diesel will remain unchanged at N.dollars 22.12 per litre.
It said that the ministry recorded a combination of a high over-recovery of 234 cents per litre on petrol and a low under-recovery of 33 cents on diesel per litre.
“The ministry has also resolved to reinstate the road user charges and the Motor Vehicle Accident (MVA) Fund levy back to their original levels, while the National Petroleum Corporation of Namibia (NAMCOR) levy will remain at its current level until further notice.”
The statement also indicated that the exchange rate figures for the period of 01 to 23 September 2022 showed that the Namibian Dollar (NAD) has depreciated against the USD at N.dollars 17.4573 per USD as compared to N.dollars 16.6985 per USD at the end of August 2022.
It said the currency depreciation has a negative effect on the import parity price calculations and the local pump prices of fuel.
“The ministry recognises that the situation in the international oil market is steadily improving for the better, although geopolitical instability and market volatilities might continue to have an unwanted impact on local fuel prices,” it noted.
Source: The Namibian Press Agency