WINDHOEK – There will be no change in the price of fuel in the country for the time being, but the government will keep a close eye on international developments that could impact global fuel supplies and ultimately local oil prices.
The international oil market has been edgy because of the instability in the Middle East, especially the unrest in Egypt and isolated incidents in the Suez Canal, a crucial shipping route for crude oil.
Further, the instability caused by the war in Syria and the possibility of an attack by the western allies, brought uncertainty to the market, with a number of speculators hedging against the future higher oil prices, in fear of possible disruptions in the supply of oil.
“It is not clear when the international oil prices will stabilise given the recent crisis in Syria and the unresolved political issues in Egypt,” the Minister of Mines and Energy, Isaak Katali, stated yesterday.
For now though the price of 95 octane unleaded petrol will remain at N$11,66 per litre and diesel 500 parts per million (ppm) at N$11,82 per litre. The newly introduced diesel 50 ppm will remain at N$11,88 per litre.
The average price for oil remained relatively high because of the strong US dollar.
By Desie Heita