Fuel prices remain unchanged for July

The Ministry of Mines and Energy has announced that fuel prices will remain unchanged for the month of July.

The ministry in a media release on Thursday said the price of petrol in Walvis Bay will remain at N.dollars 19.78 per litre, while diesel 50 parts-per-million (ppm) will remain N.dollars 19.05 per litre and diesel 10ppm, at N.dollars 19.25 per litre.

According to the media release, the latest calculations by the ministry indicate that the average price of unleaded petrol 95 over June 2023 was US.dollars 95.40 per barrel, compared to US.dollars 92.32 per barrel at the end of May 2023, depicting a slight increase over the review period.

Additionally, the average price of diesel 50ppm over the same period was US.dollars 89 per barrel, compared to US.dollars 85.77 per barrel at the end of May 2023, an increase of about US.dollars 4 per barrel over the review period.

“Furthermore, the exchange rate figures for the period 01 to 26 June 2023 indicate that the Namibian Dollar has appreciated against the US Dollar at N.dollars 18.72, compared to N. dollars 19.03 per US. dollars the previous month,” it said.

After entering the above input factors into the fuel pricing model, the ministry thus recorded an under-recovery on petrol and over-recoveries on both diesel products.

Source: The Namibian Press Agency