Fuel prices remain unchanged amidst stormy oil market

Despite a volatile international market situation for Namibia as a net fuel importer, the consumer will be spared any fuel price increases, at least for March announced the Ministry of Mines and Energy on Friday.

Fuel prices will remain unchanged at N$12,05 per litre for petrol and N$13,13 for diesel at Walvis Bay as the closest point of import.
In a statement on Friday the Ministry of Mines and Energy said fuel importers are importing fuel products at 25,96 cents per litre more than the actual import cost (over recovery) and diesel at 7,7 cents per litre more than the actual cost.
The international oil market has been subjected to multiple impacts during January and February. The most significant are the Oil Producing and Exporting Countries (OPEC) and its allies (OPEC+) that committed to crude oil production cuts in order to achieve higher international market prices. At the same time the weakening of the US Dollar against the emerging market South African Rand also saw the Rand strengthening to N$13,20’s per US Dollar during the same period.
Coupling these at it meant although oil prices did go up as a result of the OPEC and OPEC+ production cuts. However, the Rand’s gains against the US Dollar as the main trade currency meant cheaper refined petroleum imports.